AIG to Pay at Least $25 Million to Settle California Review

Oct. 22 (Bloomberg) -- American International Group Inc., the insurer that counts the U.S. as its largest shareholder, agreed to pay $25 million to $30 million to settle a California review into whether the company held funds that should go to beneficiaries.

The deal requires the New York-based insurer to check the Social Security Administration’s Death Master File to determine if policyholders have died, according to a statement today from California Controller John Chiang and Insurance Commissioner Dave Jones.

To contact the reporter on this story: Susanna Pak in New York at Spak10@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net