New York State Imposes ‘Unauthorized’ Insurer Penalty on AIG

February 3, 2021 by Allison Bell

New York state regulators have imposed a $12 million fine on a large financial services company in connection with allegations that the company used the wrong subsidiary to handle a pension risk transfer deal.

The New York State Department of Financial Services fined American General Life Insurance Company and its parent, American International Group Inc. (AIG).

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Originally Posted at ThinkAdvisor on February 2, 2021 by Allison Bell.