AIG in the news again over workers compensation underreporting

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Michigan workers compensation lawyer explains why “AIG has 100 million reasons to file correct information henceforth.”

According to Crain’s Detroit Business, AIG has paid the Michigan Office of Financial and Insurance Regulation $3.25 million as part of a 50-state, $100 million settlement for alleged underreporting of workers’ compensation insurance premiums.

“Effective deterrence requires there to be a high cost for misreporting regulatory data,” OFIR Commissioner Ken Ross said. “AIG has 100 million reasons to file correct information henceforth.”

Under the terms of the settlement, AIG will also:

– Enter into a compliance plan containing agreed-upon specific steps and standards for evaluating its ongoing compliance with workers compensation insurance rating and reporting  requirements;

– Submit to periodic internal and state monitoring and a confirmatory examination at the end  of 24 months; and

– Agree to pay contingent potential fines if it fails to meet the terms of the compliance plan.

Why this is a big deal for workers compensation in Michigan

Michigan has a Second Injury Fund that was created to encourage business to hire a worker with an injury or disability. The Second Injury Fund is financed by insurance companies and self-insured employers. The amount that must be paid into the Second Injury Fund is based upon the proportionate amount of workers compensation premium they write.

When an insurance company does not fairly report its workers compensation premiums, it pays less into the workers compensation system at the expense of other insurers and self-insured employers. The integrity of the workers compensation system relies upon accurate reporting and adherence to the law.

Don’t let insurance companies play games with workers compensation

Decisions made by insurance companies are not always correct.  Fight back if you find yourself in the position of having your workers compensation benefits denied.

To speak with one of our workers compensation lawyers, call (855) 221-2667 for a free consultation. There is no fee unless workers compensation benefits are recovered for you.  We will fight to make sure that your legal rights are protected.

Alex Berman is the founder of the law firm. He’s been representing injured and disabled workers exclusively for more than 30 years. Alex has helped countless people obtain workers compensation benefits and never charges a fee to evaluate a case.

Related Information:

Video: Injured at work? Advice from a Michigan workers comp lawyer

FAQs about workers compensation to help protect you

04/01/2011

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Author Bio Jeffrey Kaufman

Author
Jeffrey E. Kaufman
Michigan Workers Comp Attorney

Jeffrey E. Kaufman has extensive experience in workers compensation cases and has recovered millions of dollars in benefits for his clients. He believes all injured workers deserve to be on equal footing with insurance companies and employers, and fights tenaciously so their rights are secured and protected.


“Jeff also helped me with getting my Blue Cross bills paid. I would absolutely recommend him and the whole firm. Jeff and the firm did everything they were supposed to do for me and my case.”
Ricardo Perfetto

Hundreds of 5-Star Reviews

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Get Help From our Michigan Workers’ Comp Lawyers Today

You’re not alone. Our Michigan workers’ comp lawyers have been called the best in the state, and our clients love how they’re treated with care, respect, and responsiveness. We will give you the time you need, we will explain your legal rights, and we will always treat you with respect.

Our workers’ compensation and Social Security disability lawyers always put your needs first. Get to know your legal team.

Our attorneys post regularly about common issues related to workers’ comp, including common injuries, settlement calculations, laws, and more.

Injured? It’s Time to Get Some Answers

Don’t let the insurance adjuster push you around. Request your free consultation today.

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Our attorneys post regularly about common issues related to workers’ comp, including common injuries, settlement calculations, laws, and more.

Our workers’ compensation and Social Security disability lawyers always put your needs first. Get to know your legal team.