BOSTON -- The state has received $344 million to settle a dispute with American In surance Group, which ad mitted that it had underreported workers compensation premiums, underpaid premium taxes and assessments, over several years.
Massachusetts was one of eight states that led the investigation into AIG’s practices. All 50 states and the District of Columbia will benefit from the Regulatory Settlement Agree ment with the insurer.
The $3.44 million represents one of the largest workers compensation settlements with the state Division of Insurance. It will be placed in the General Fund.
The agreement authorizes Massachusetts and its fellow lead states to monitor AIG’s operations for the next two years.