US. AIG to pay New York $12M for unlicensed pension risk transfer business
American International Group (AIG), the multinational finance and insurance corporation, owes the state of New York $12 million in penalties for insurance law violations stemming from its pension risk transfer (PRT) business.
Deutsche Bank to pay $150M penalty for suspicious handling of Epstein accounts
Linda A. Lacewell, Superintendent of New York’s Department of Financial Services (DFS), announced the penalty on Monday. She said an investigation from her department revealed that a subsidiary of AIG solicited and did insurance business in New York without a license.
“A DFS license offers consumers peace of mind through the requirement of compliance with New York laws and regulations, helping to safeguard assets,” Lacewell said in a statement.
“The Department will continue to vigorously enforce the law to protect retirement assets of New Yorkers during a vulnerable economy due to the ongoing global pandemic.”
Read more @My Twin Tiers
