AIG $450 Million Workers’ Compensation Settlement Approved

• kbunn's blog

Many might remember the case against American International Group or AIG, for underreporting its workers’ compensation premiums back in 2006. The purpose of the underreporting was to minimize the amount of money AIG had to pay in to state funds that covered bankrupt workers’ comp insurers. North Carolina has such a workers’ comp fund called the NC Guaranty Fund, which is administered by the North Carolina Insurance Guaranty Association.

The courts have finally approved a settlement of $450 million to be paid to a group of other industry insurers including Liberty Mutual, Safeco Insurance Co. and Ohio Casualty Insurance Co.

Although Liberty Mutual believes that the settlement amount is not adequate, other insurance companies believe the agreement is fair. One thing is certain, we must be vigilant of those who want to take advantage of the workers’ compensation industry to protect the injured workers who truly deserve benefits.

At Kevin Bunn, Attorney at Law, PC, we keep up with industry news and trends to make sure that we can provide the best counsel and protection for our clients. If you have any questions about your NC workers’ comp case or wish to talk to an attorney about your claim please feel free to email or call.