AIG will pay back fees worth $46m which it earned on three off balance sheets set up for PNC Financial.
The company said the payback had been agreed as part of the preliminary settlement it had reached with US regulators who were probing how it allegedly contributed to perpetrating account fraud.
It is alleged that AIG helped companies use finite reinsurance, a product that insurers can buy which is suspected of being used to doctor earnings.
Finite reinsurance, it is alleged, was used by US companies PNC and telecommunications company, Brightpoint, to push hundreds of millions of dollars in problem loans off its books.
Finite reinsurance has come under the widening investigation into the US insurance industry launched by New York attorney general Eliot Spitzer in October.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
