Florida’s Office of Insurance Regulation will get $5.6 million as a result of a penalty against the big international insurer AIG, and will share an additional $8.7 million with other state agencies as part of a settlement of misreporting of workers compensation premiums.
State Insurance Commissioner Kevin McCarty announced the settlement, which was with all 50 states and worth $146.5 million nationally.
The agreement settles allegations that AIG misreported more than $2 billion in workers compensation premium dollars as other lines of insurance, in part to save on taxes and other payment obligations, McCarty said.
In addition to OIR, the penalty money coming to Florida will also go to the Department of Financial Services Division of Workers’ Compensation, the Department of Revenue and the Florida Workers’ Compensation Insurance Guaranty Association.
