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.
ÌìÃÀÍøÕ¾´«Ã½´«Ã½ 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.
“ÌìÃÀÍøÕ¾´«Ã½´«Ã½ 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 ÌìÃÀÍøÕ¾´«Ã½´«Ã½, 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.
Topics ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Kansas
Was this article valuable?
Here are more articles you may enjoy.
Viewpoint: Japan’s $550B Bet on America—What it Means for the US Insurance Market 
Mustard Maker Caught Pumping Pollutants Into River for Years and Lying About It 
Florida Needs More – Much More – Wind Mitigation, Say Experts at OIR Summit 
State Farm Agrees to $15M Settlement for Underpaid Vehicle Claims 
