AIG sues New York Regulator in licensing dispute

India Infoline News Service | Mumbai |

American International Group Inc sued New York's top financial regulator on Thursday

American International Group Inc on Thursday sued New York State Department of Financial Services and its superintendent, Benjamin Lawsky, escalating a potentially costly licensing dispute into an unusual confrontation with one of AIG's primary regulators, according to a media report.

The global insurer filed a lawsuit in federal court in Manhattan Thursday afternoon, seeking a ruling that the New York Department of Financial Services is wrongly interpreting a state law regarding licensing requirements, the report added.

The department under Benjamin Lawsky has been an aggressive enforcer, and earlier this week fined MetLife Inc $50 million in a case directly related to the matter AIG is now contesting in federal court. The MetLife fine was the largest ever against an insurer by New York state regulators, the report further said.
 

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