Insurer AIG to Pay $12 Million Fine for NY Pension Transfers

A sign is displayed over the entrance to the AIG headquarters offices at financial district in New York City, N.Y., on Jan. 9, 2013. Brendan McDermid/Reuters

American International Group (AIG) agreed on Monday to pay a $12 million civil fine to settle charges that it conducted life insurance business in New York without a license.

The settlement is the second in a probe by the New York State Department of Financial Services (NYDFS) into an industry in which life insurers take over corporate pension plans.