NU Online News Service, May 18, 6:57 p.m.EDT--Florida regulators today ordered AmericanInternational Group to turn over information concerning itsadmitted financial misrepresentations or risk losing its license toconduct business in Florida.

"The AIG companies must report on the nature and extent of thesemisrepresentations and identify and remove any parties culpable inthis matter," the Florida Office of Insurance Regulation orderstated.

The order also requires AIG to file, by July 1, true and correctfinancial statements for the years of 2000 through 2005 for all AIGentities licensed in Florida.

A spokesman for the company responded, "As we have saidpreviously, we are committed to cooperating with all regulatory andgovernment authorities in addressing their concerns. Consistentwith this commitment, we intend to comply with all our insuranceregulators' requests, including those of the Florida Office ofInsurance Regulation."

The Florida Office of Insurance Regulation warned that failureto comply with its order may lead to the suspension of AIG'slicensed companies in Florida and other potential action againstthese companies to enforce compliance.

AIG currently operates 43 licensed insurance entities in theState of Florida.

Florida's Office of Insurance Regulation stated in its orderthat, "The financial community has been rocked with the results ofinvestigations by the Securities and Exchange Commission and otherregulatory bodies which have led to subsequent admissions by AIGthat certain reinsurance transactions were misrepresented on thecompany's financial statements.

"AIG's admissions appear to indicate violations of both federaland state laws."

The insurer, which is under investigation by the New Yorkattorney general and federal prosecutors as well as the SEC, hastwice delayed its annual 10-k report to the SEC and has advisedthat an internal audit has reduced the company's book value by $2.7billion.