N.Y. Regulator Lawsky Sued by AIG Above Probe Into Unlicensed Insurance

By Zachary Tracer | April 3, 2014

American International Group Inc. sued the New York State Division of Monetary Providers and its superintendent, Benjamin Lawsky, difficult the regulator’s authority to probe the suspected sale of insurance overseas with out a state license.

“Although AIG does not believe that the carry out in question violated the law or induced harm to any individual, the Division of Economic Services’ latest conclusion that there was a violation compels us to seek a declaration from the court that the department’s place is unconstitutional,” the insurer explained today in a statement.

MetLife Inc. agreed March 31 to spend $ 60 million to resolve a probe that discovered subsidiaries solicited organization in the state without having a license and produced intentional misrepresentations to regulators. The units had been acquired from New York-based AIG as part of the 2010 purchase of American Lifestyle Insurance coverage Co.

Alico has operations in Asia and Europe and utilised personnel in New York to solicit enterprise from organizations that bought protection for personnel overseas, according to Manhattan District Attorney Cyrus R. Vance Jr., whose office was also concerned in the probe.

AIG explained the suit was filed in federal court in Manhattan. The filing couldn’t be right away confirmed in court data.

With assistance from Keri Geiger in New York and Bob Van Voris in federal court in Manhattan.

Relevant Articles or blog posts:

Copyright 2014 Bloomberg.

Leave a Reply

Your email address will not be published. Required fields are marked *