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TALLAHASSEE, Fla.--American International Group Inc. will immediately begin refunding or crediting $13.6 million to its Florida workers compensation policyholders under an agreement with the state's insurance regulation office, Florida Insurance Commissioner Kevin McCarty announced Tuesday.
The settlement stems from charges that the New York-based insurer's business units failed to justify rates "or used excessive and unfairly discriminatory rates on coverage required by the federal Terrorism Risk Insurance Act," according to the commissioner.
Under terms of a consent order, AIG also will pay $300,000 to the Florida Office of Insurance Regulation for costs related to the settlement. The insurer also will refund about $100,000 plus interest to policyholders that purchased lines of coverage other than workers compensation.
The settlement stems from a disagreement over rates AIG filed with the office beginning January 2003 though March 2004. Under Florida's "use and file" system, an insurer can collect premiums while its rate filings are under review.
After the office signaled it would reject the filings, AIG requested a hearing before administrative law judges, who concluded the insurer failed to justify its terrorism charge, according to the commissioner.
A spokesman for AIG said the insurer was pleased to conclude the matter in Florida.