AIG agrees $450mn workers’ comp settlement
American International Group (AIG) has reached agreement in principle on a $450mn settlement with other insurance companies over claims that it deliberately misstated the amount of workers' compensation premium that it wrote, according to reports.
US workers' comp insurers are required to pay towards two pools for companies that are unable to obtain insurance in the open market. These levies to the National Council on Compensation Insurance cover the so-called "residual market" and are made in proportion to market shares...
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