American International Group Inc. (AIG) said yesterday it reached a $13.5 million settlement with the Pennsylvania Insurance Department over allegations of bid-rigging and filing false financial information.
The New York-based insurer said it has already paid approximately $4.4 million to the state. AIG said it will provide annual reinsurance reports and maintain "certain producer compensation disclosure and ongoing compliance initiatives."
The insurer said it neither admitted nor denied the allegations made by the department.
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