Reuters logo
BRIEF-AIG seeks to void NYS insurance licensing requirements, sues Lawsky
April 3, 2014 / 8:50 PM / 4 years ago

BRIEF-AIG seeks to void NYS insurance licensing requirements, sues Lawsky

April 3 (Reuters) - American International Group Inc : * Sues nys financial services superintendent benjamin lawsky over insurance

licensing requirements -- court filing * Seeks to halt state’s effort to enforce insurance law against the company

over activities by its former unit alico * Says New York has threatened to begin proceedings to recoup substantial

monetary penalties based on alico’s alleged unlicensed marketing of foreign

insurance products * Seeks court order that New York insurance law’s licensing requirements are

unconstitutional * Says its lawsuit follows recent $50 million fine by New York against Metlife

Inc * Says lawsky trying to impose “catch-22” by forcing businesses that want to

market foreign insurance products, involuntarily to also issue insurance to

New York residents, in order to be licensed

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below