American International Group Chief Executive Officer MartinSullivan told an investors meeting this morning that the companywill complete an audit of its reserves and other reviews by the endof the year.
Mr. Sullivan told the group that the loss reserve audit is justone of several internal examinations at the company whereinvestigations by federal and state authorities into accountingprocedures and relationships with brokers led to the ouster oflongtime CEO Maurice Greenberg earlier this year.
Mr. Sullivan did not address the status of negotiations with NewYork Attorney General Eliot Spitzer over a possible settlement ofcharges he filed in a civil suit in May, which accused the insurerand its former top management of accounting fraud. The suit seeksto recover damages and illegal profits made by the company.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
