Hawaii Receives Share of AIG Settlement

American International Group, Inc., (AIG) has paid the Hawaii Insurance Division $371,000 as part of the insurer's settlement for underpaying workers' compensation premiums. AIG reached an agreement with New York State Attorney General Eliot Spitzer for a nationwide settlement of $1.6 billion for fraud and improper accounting, with $343.5 million of that earmarked for underpayment of workers compensation premiums taxes and residual market assessments. Spitzer charged that AIG had underpaid premium taxes and fees from 1985 through 1996. "This is an important regulatory enforcement action...