image credit: AIG / Wikimedia

AIG to pay $12M fine for N.Y. pension transfers

February 1, 2021

American International Group Inc. agreed on Monday to pay a $12 million civil fine to settle charges it conducted life insurance business in New York without a license.

The settlement is the second to result from an investigation by the New York State Department of Financial Services into life insurers that take over corporate pension plans.

An AIG life insurance unit, American General Life Insurance Co., entered into four large-scale deals involving such plans and bid on several others between January 2014 and June 2019 without being licensed in New York, the regulator said.

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