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Commissioner Savors AIG’s Record Fines By Anthony O'Donnell Mar 18, 2008 at 04:27 PM ET The importance of corporate compliance and transparency, in not only the spirit and the letter of the law, but also in terms of technical visibility into company activities, was reinforced by yesterday’s announcement by the Pennsylvania Insurance Commissioner’s office that it was levying record fines against AIG. Under the terms of a settlement reached between the carrier and the commissioner, AIG will pay $9.1 million to the state in penalties and investigative costs for financial misreporting, according to the Pennsylvania Insurance Commissioner’s office. The settlement also requires AIG to provide detailed annual reports regarding the company’s reinsurance arrangements. The Commissioner’s office’s press release has the tone of having covered all the bases, but one imagines that there must be an infinity of possible infractions that the state could wish to anticipate and police. The communiqué also indulges in a flourish of righteousness:
I applaud the good work done by the Pennsylvania Commissioner’s office and their colleagues around the country. Keeping companies honest is not only good for all concerned — apart from genuinely dishonest actors — but is also likely to stimulate sales of compliance technology, which is grist for the Insurance & Technology mill. However, I remain concerned at the consequences of some observers have characterized as the criminalization of risk. Proportionate fines for misreporting a transaction is well and good; jail time is another thing. As I related last week, former AIG exec Christian Milton and three of the four Gen Re execs face possible sentences of 210 years each. Perhaps, when all is said and done the Gen Re execs and AIG’s Christian Milton will remain at liberty. That’s as it should be if, as a correspondent of mine has said, these individuals could have had no notion that what they were doing was a crime. Topics: General News This is a public forum. CMP Media and its affiliates are not responsible for and do not control what is posted herein. CMP Media makes no warranties or guarantees concerning any advice dispensed by its staff members or readers. Community standards in the message center do not permit hate language, excessive profanity, or other patently offensive language. Please be aware that all information posted to this forum becomes the property of CMP Media LLC and may be edited and republished in print or electronic format as outlined in CMP Media's Terms of Service. Important Note: The Message Center is NOT intended for commercial messages or solicitations of business.
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