AIG Co. Caught Selling 'Bogus' Health Plans

Minneapolis Star Tribune: A subsidiary of American International Group — known as AIG — has been fined $100,000 by Minnesota regulators for selling "bogus" health policies and is now ordered to repay its customers. At issue were 1,500 policies sold to Minnesotans under the name "Essential Health." The plans were marketed by National Union Fire Insurance Co., a Pittsburgh-based subsidiary of AIG. The plans included accident and sickness insurance, but did not meet state regulatory requirements and had not been approved by the commerce department (May Yee, 9/20).

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