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Monday April 25, 09:43
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AIG misled regulators in adjustment estimate
(by Olivia Cohen)
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The world’s top insurer AIG may have misled the federal regulators leading to the adjustment for the insurance company that may be gradually go up topping the estimate of $1.77 billion reduction of book value unveiled last month, according to a report issued by the lawyers.
Last month, AIG said in its report adjustments for the errors could cut its book value by $1.77 billion, or 2%. But the report prepared by the firm’s auditors, PricewaterhouseCoopers LLP, which will be finalized this week, showed that the company may have lowered the number of questionaable transactions and accounting practices.
On Friday, AIG’s newly appointed Chief Executive Martin J. Sullivan, Interim Chairman and Lead Director Frank G. Zarb, and Chief Financial Officer Steven J. Bensinger met with the insurance regulators in an attempt to come to an end in the probe that cost the insurance giant billions of dollars.
AIG’s spokesman declined to comment on the issue.
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