The Minnesota Department of Commerce expects to receive more than $2 million in its share of a $146 million settlement with American International Group over misreporting of workers’ compensation insurance premiums. AIG and its workers’ comp affiliates have agreed to pay $146 million in fines to insurance regulators in all 50 states and the District of Columbia for alleged premium under-reporting. The Minnesota Department of Commerce is one of the eight lead state regulators on the case. A two-year market-conduct examination of the company found that AIG misreported $2.12 billion of workers’ compensation premium that was reported instead as general or commercial automobile liability premium.
For the first time in eight years Ohio’s unemployment rate is not higher than the national one. The Ohio Department of Job and Family Services said the state’s jobless rate slipped from 9.9 percent in October 2010 to 9.8 percent in November. The national unemployment rate for November also was 9.8 percent. Officials note Ohio unemployment has now fallen for eight months in a row since hitting a 26-year high of 11 percent in March 2010. The number of unemployed workers in Ohio dropped to 579,000 in November, from 588,000 in October. The state’s non-farm payroll employment also fell in November, by 7,800.
Milwaukee-based Time Insurance Co., will pay $280,000 in a settlement over that company’s failure to correct previously identified problems with its operations. Insurance Commissioner Sean Dilweg said the company has agreed to comply with Wisconsin insurance laws and previous orders. A market conduct examination found multiple problems involving noncompliance with previous recommendations from regulators, documentation of compliance procedures and the company’s grievance procedures, as well as the use of unlicensed and unlisted agents.
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