Kansas Insurance Commissioner Sandy Praeger in a written statement said that Kansas is the recipient of back taxes and interest in the amount of $410,598 from one of the largest insurance groups in the United States, American International Group Inc.
AIG underpaid its workers’ compensation premium tax for the years 1985 to 1996, and the funds collected by Kansas are restitution for that underpayment, according to Praeger.
“AIG has acknowledged that, over a period of years, investors, commercial policyholders and regulators were misled about the company’s financial condition and operations,” said Praeger. “I will continue to investigate the impact of the settlement upon the state of Kansas.”
A record $1.64 billion settlement with federal and state authorities has been agreed to by AIG, including the underpaid workers’ comp premium taxes owed in Kansas.
Kansas has 22,546 resident agents, 52,069 non-resident agents and 1,692 insurance companies licensed to do business in the state.
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