|Published:||Jun 04, 2012 11:23 PM EDT|
|Updated:||Jun 04, 2012 11:23 PM EDT|
TALLAHASSEE, Fla. (AP) - American International Group Inc. and its affiliates have settled a complaint with all 50 states and the District of Columbia for $146.5 million.
Florida Insurance Commissioner Kevin McCarty announced the settlement Tuesday. Florida was one of the lead states in the case.
AIG was accused of misreporting $21.1 billion in workers compensation premium as other lines of insurance.
The company agreed to pay a $100 million national penalty and $46.5 million in additional premium taxes and assessments.
McCarty said Florida's share will total $14.3 million split among four state agencies.
He said the misreported premiums had wrongly reduced AIG's taxes and assessments.
The settlement announced Tuesday followed a related $450 million residual market settlement and $25 million settlement with insurance guarantee associations earlier this year.
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