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AIG settles workers comp rate allegations for $1.25 million

AIG settles workers comp rate allegations for $1.25 million

American International Group Inc. has agreed to pay a $1.25 million settlement after the Missouri Department of Insurance accused nine AIG-affiliated insurers of failing to file rate plans for thousands of large-deductible workers compensation policies, the department said.

Missouri requires workers comp insurers to file rates with the state insurance department, the department said Tuesday in a statement. The state alleged that the AIG units failed to provide individual rate filings for more than 2,100 large-deductible comp policies, among other alleged failures to follow procedures and guidelines for those policies.

“The filing of workers compensation rates provides rate transparency which is crucial for a competitive insurance marketplace, particularly for Missouri small businesses,” Missouri Insurance Director John M. Huff said in the statement. “Rate transparency allows all businesses — large and small — to see what rates are charged by competing insurers in the workers' compensation market.”

AIG will pay the settlement to the Missouri State School Fund, the insurance department said.

“We're pleased to have this matter settled,” an AIG spokesman told Business Insurance.

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