The American International Group Inc. will give $1 million to the state of Connecticut?s general fund as part of a settlement, the state Insurance Department announced Monday.
This compensation towards Connecticut is only a fragment of the $146.5 million multi-state settlement with AIG.
The settlement is taking place after allegations that the insurance corporation under-reported workers compensation insurance premiums in an attempt to illegally thwart taxation and assessments.
?The settlement is the result of close coordination with state insurance regulators from around the country,? said State Insurance Commissioner Thomas B. Leonardi in a statement.
AIG has agreed to pay all 50 states a total of $46.5 million in taxes and assessments. They will also compensate them with a $100 million fine.
In an effort to reduce tax responsibilities and additional assessments, AIG replaced insurance lines in their financial reports. These efforts have been traced back as occurring for more than 25 years.
During the 2008 national financial crisis, the federal government gave AIG a $182 billion bailout. At this same time, the insurance corp. had under-reported over $2.1 billion in workers compensation premiums throughout the country.
The Federal Reserve announced last week, though, that AIG and Bear Stearns had repaid all the loans the government had offered them during this 2008 bailout.
61 percent of AIG is still owned by the United States Treasury Department, as reported by Bloomberg news service.
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