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Defendants in Finite Re Trial Say Government Can't Blame Them For AIG's Accounting
International Group accounted for a so-called finite reinsurance deal. And one defendant, Christian Milton, who was vice president of reinsurance at AIG, said he was deceived by ...
Source: BestWire   Date: January 8, 2008
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Man on a Mission: N.Y. Regulator Dinallo Pushes for Results
Topps Wacky Packages stickers hanging above. Despite an amiable demeanor that says, "best college buddy," Dinallo is a razor-sharp former prosecutor whose ambition is to push New ...
Source: BestWire   Date: June 18, 2007
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AIG to Refund $13.7 Million in Terrorism Premiums in Florida
American International Group has agreed to pay $14 million to settle allegations that it overcharged Florida policyholders for terrorism insurance coverage. The state's insurance ...
Source: BestWire   Date: September 27, 2006
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21st Century Cuts Auto Rates in California
Automobile insurer 21st Century Insurance Co. has filed for a 5% average cut in private-passenger automobile insurance rates in California. The company said it expects Insurance ...
Source: BestWire   Date: September 14, 2006
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AIG to Take $2.25 Billion in Charges on Regulatory Settlements, Reserve Development
American International Group Inc. is looking to put a tumultuous time behind it and focus on business after reaching settlements totaling $1.64 billion with federal and state ...
Source: BestWire   Date: February 10, 2006
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AIG Reaches $1.64 Billion Settlement With State, Federal Authorities
American International Group Inc. reached settlements totaling $1.64 billion with federal and state authorities that it says resolved outstanding litigation related to accounting, ...
Source: BestWire   Date: February 9, 2006
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Ky. Man Involved in Workers' Comp Scheme Sentenced to Jail, Ordered to Pay $5 Million
Gary Linsey Slater, 47, of Harrogate, Tenn., guilty of mail fraud and money laundering in August based on his efforts to hide the number of employees that were working for his ...
Source: BestWire   Date: January 13, 2006
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New York Officials Won't Comment on Reported AIG Settlement
Financial Officer Howard I. Smith engaged in accounting and reporting practices designed to mislead the public and boost AIG's stock price (BestWire, May 26, 2005). Michael Barry, ...
Source: BestWire   Date: January 13, 2006
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Calif. Regulator Says Workers' Comp Insurers Should Align Rates With Savings
Garamendi said at the hearing. "The industry is continuing to pocket a large share of the cost savings." Claims and disability costs have dropped almost 50% since lawmakers enacted ...
Source: BestWire   Date: September 20, 2005
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AIG Splits Roles of Treasurer, Comptroller Between Two Executives
American International Group Inc. filled two top executive positions, naming a new comptroller and a new treasurer and separating the two positions, which in the past had been held ...
Source: BestWire   Date: June 22, 2005
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Ex-Chief Financial Officer Smith Resigns From AIG's Board
American International Group Inc.'s former chief financial officer, resigned from AIG's board of directors, following a similar move by Maurice R. Greenberg, the insurer's former ...
Source: BestWire   Date: June 13, 2005
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Citing Isolation From Company's Business, Greenberg Resigns from AIG Board
Greenberg said in the letter. "My decision to resign now results from my inability to receive information regarding the company and its operations necessary to fulfill my fiduciary ...
Source: BestWire   Date: June 9, 2005
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Greenberg's Attorneys Blast AIG Financial Restatements
The filing of American International Group Inc.'s long-awaited 2004 earnings report contains several financial restatements and adjustments that promise to create fuel for disputes ...
Source: BestWire   Date: June 1, 2005
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Rate Cuts Keep Rolling in New Jersey Auto Market
New Jersey auto insurance market. In the 10 years leading up to 2001, more than 40 major insurers had left the state, and more were threatening to go, including big players such as ...
Source: BestWire   Date: May 24, 2005
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AIG to Cut Auto Rates in New Jersey
June 30, the company said. This would lower insurance costs for more than 115,000 vehicles at an estimated savings of $5 million for policyholders, AIG (NYSE:AIG) said. "Positive ...
Source: BestWire   Date: May 18, 2005
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San Francisco Sues AIG on Behalf of City's Retirement System
American International Group Inc. on behalf of a city employees' pension fund that he claims suffered financial harm from AIG's alleged violations of securities laws. City Attorney ...
Source: BestWire   Date: May 17, 2005
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Through Lawsuits, Institutional Shareholders Seek Change and Transparency at AIG
American International Group Inc. struggles with the accounting issues that attracted so much attention from state and federal officials, institutional shareholders are emerging as ...
Source: BestWire   Date: May 9, 2005
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AIG Faces New Probe Over Past Handling of Workers' Comp Premiums
Spitzer and Mills said in a joint statement. "By booking the income as something other than workers' compensation premiums, AIG avoided paying its true share into various workers' ...
Source: BestWire   Date: April 26, 2005
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Australian Regulator Launches Probe Into General Re Transactions
General Reinsurance Corp.'s Australian affiliate will be investigated by that country's financial regulator as part of a wider probe into financial and finite reinsurance ...
Source: BestWire   Date: April 14, 2005
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Perspectives: Reinsurance Scandals Will Send Risk Managers, Regulators Back to Their Drawing Boards
The Securities and Exchange Commission and the U.S. Justice Department are along for the ride. AIG got into trouble not only for its finite reinsurance deals, but also for its ...
Source: BestWire   Date: April 11, 2005
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