New York officials are appointing an outside consultant to audit workers' compensation insurance...
New York officials are appointing an outside consultant to audit workers' compensation insurance premiums at beleaguered insurer AIG.
According to state attorney general Eliot Spitzer and acting insurance superintendent Howard Mills, AIG has been improperly booking these premiums for over a decade.
Documents have revealed that the practice, which involves booking workers' compensation premiums as premiums for general liability coverage, is worth tens of millions of dollars annually, officials said.
A statement by Spitzer and Mills said: “By booking the income as something other than workers' compensation premiums, AIG avoided paying its true share into various workers' compensation funds.”
A spokesman for AIG said: “As we have said in the past on all regulatory matters, we are committed to being as cooperative as possible.”
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