AIG Unit Will Pay Up To $51M To States For False Marketing

Law360, New York (November 26, 2012, 5:44 PM EST) -- An American International Group Inc. company is paying at least $41 million and up to $51 million to settle allegations by various state regulators that it falsely marketed group health insurance policies to individuals, Minnesota's Department of Commerce said Monday.

National Union Fire Insurance Co.'s settlement resolves allegations by 41 states that it marketed and sold nonemployer group policies with premium rates and classification risks that had not received regulatory approval. State regulators specifically accused National Union of improperly marketing to individuals blanket accident and sickness...
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