AIG is expected to offer $1.6 billion to settle with regulators
The settlement is not expected to ban contingent commissions, which are payments for steering insurance contracts to certain companies. This industry practice was highlighted in an investigation of bid-rigging by Eliot Spitzer, the New York attorney general. But it is likely to require AIG to make m...
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Published in | Deseret news (Salt Lake City, Utah : 1964) |
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Main Author | |
Format | Newspaper Article |
Language | English |
Published |
Salt Lake City, Utah
Deseret Digital Media
06.02.2006
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Abstract | The settlement is not expected to ban contingent commissions, which are payments for steering insurance contracts to certain companies. This industry practice was highlighted in an investigation of bid-rigging by Eliot Spitzer, the New York attorney general. But it is likely to require AIG to make more complete disclosures about such payments in the future. "Shareholders lose when companies choose to settle investigations motivated by political ambition, fueled by threats and settled out of fear," said Howard Opinsky, a spokesman for [Maurice R. Greenberg], in response to questions about the tentative settlement. Chris Winans, a spokesman for AIG, declined to comment on a possible settlement. Darren Dopp, a spokesman for Spitzer's office, declined to comment, and a spokesman for the SEC could not be reached for comment. |
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AbstractList | The settlement is not expected to ban contingent commissions, which are payments for steering insurance contracts to certain companies. This industry practice was highlighted in an investigation of bid-rigging by Eliot Spitzer, the New York attorney general. But it is likely to require AIG to make more complete disclosures about such payments in the future. "Shareholders lose when companies choose to settle investigations motivated by political ambition, fueled by threats and settled out of fear," said Howard Opinsky, a spokesman for [Maurice R. Greenberg], in response to questions about the tentative settlement. Chris Winans, a spokesman for AIG, declined to comment on a possible settlement. Darren Dopp, a spokesman for Spitzer's office, declined to comment, and a spokesman for the SEC could not be reached for comment. |
Author | Jenny Anderson New York Times News Service |
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