The insurance company paid a fine of 279,038 dollars after admitting that it had violated laws which prohibit doing business with Cuba, according to a communiqué released by OFAC.
AIG sold policies to a Canadian commercial client from 2006, through March of 2009 and travel insurance to Canadian citizens vacationing in Cuba, from March, 2006, through September of 2008. Premiums collected totaled $338,000 for travel insurance, and $500,000 for the commercial policy.
OFAC commented on the company’s cooperation with the investigation, stating that the violation was considered “non-egregious.”
AIG is a Fortune 500 company, with affiliates in 130 countries. It was bailed-out by U.S. taxpayers during the financial crisis of 2008 and repaid its debt to the government in 2012.