The three AIG units that were involved in practicing confllict of interest towards its clients are asked to pay $9.5 million. These units have drove their clients into purchasing expensive mutual fund shares in order to collect more fees.
A high-profile U.S. senator said on Tuesday she has launched an investigation into 15 major annuity providers amid concerns about the perks they offer to brokers who peddle the products to retirees.
U.S. regulators have declared insurer MetLife Inc so big that its failure could destabilize financial markets, a designation that brings extra regulation.
Insurer American International Group will pay a $35 million penalty for violations related to former subsidiaries that solicited insurance business in New York without a license, the New York State Department of Financial Services said on Friday.
