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June 30, 1993|From Times Staff and Wire Reports

AIG Fined for Insurance Violations: Insurance giant American International Group agreed to pay $750,000--the second-largest sanction ever imposed by the state Insurance Department--to settle charges that it violated state rating and underwriting regulations. Based on an examination, the department accused AIG of using expired or unapproved rates in place of rates approved by the department, of failing to maintain adequate documentation for rates and of failing to consistently make written offers of uninsured motorist coverage. Under the agreement, AIG will submit to a re-examination within the next three years; further violations would result in a $250,000 penalty.

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