In response to a state regulator’s discovery of "deficiencies" in its reporting, Chartis Inc., the property-and-casualty business unit of American International Group Inc., (AIG) said it has taken steps to improve disclosures about guarantees its subsidiaries provided to
The Pennsylvania Department of Insurance said in a report that its recent examination of a number of Chartis units found that two of them under-reported guarantees to AIG insurance company affiliates. According to the Wall Street Journal, the report says Chartis reported a total of $18.7 billion, or 12% less than the correct amount, for the year 2008.
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