Carl W. Cummins III

Carl Cummins, president and CEO of the WCRA, said the current deficit has much to do with the organization's decision to distribute those surplus funds.

"If we hadn't made those distributions, we would now have a surplus of $1.6 billion and would not have to make assessments today," Cummins said.

according to WCRA President & CEO Carl W. Cummins III.Cummins obtained a copy of a memorandum written in 1992 by AIG's former general counsel, as a
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Cummins."After nearly two years of investigations and discussion, we

"We first became aware of AIG's fraudulent reporting of workers' compensation premium data to the WCRA and MWCIA in the spring of 2005," according to WCRA President & CEO Carl W. Cummins III.Cummins obtained a copy of a memorandum written in 1992 by AIG's former general counsel, as a result of the New York Attorney General's investigation of AIG.That memorandum acknowledged that AIG's workers' compensation business was "permeated with illegality" and revealed that as a part of this illegal conduct, AIG was lowering reinsurance premiums due WCRA.

In a settlement with the State of New York in 2006, AIG agreed to pay $1.64 billion for fraudulent business practices including underpaying workers' compensation premiums.However, the estimated $1.2 million reward that Minnesota would have received under that settlement did not provide compensation to WCRA or MWCIA for the damages they sustained as a result of AIG's false reporting practices.

"We contacted the Minnesota Department of Commerce and the Minnesota Attorney General and, together with MWCIA and other affected Minnesota entities, entered into negotiations with AIG to settle this matter," said Cummins.

"We first became aware of AIG's fraudulent reporting of workers'compensation premium data to the WCRA and MWCIA in the spring of 2005,"according to WCRA President & CEO Carl W. Cummins III.Cummins obtained acopy of a memorandum written in 1992 by AIG's former general counsel, as aresult of the New York Attorney General's investigation of AIG.
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CONTACT: Cathryn Kennedy, mobile, +1-612-309-3951, for Minnesota Workers' Compensation Reinsurance Association; or Carl W. Cummins III, President & CEO of Minnesota Workers' Compensation Reinsurance Association, +1-651-293-0999, ccummins@wcra.biz

Carl Cummins , WCRA President and CEO.

Carl W. Cummins III President Chief Executive Officer Workers' Compensation Reassurance Association

Carl W. Cummins IIIPresident and CEO (651) 229-1826 (651)229-1827 c.cummins@wcra.biz

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Carl W. Cummins IIIPresident and CEO (651) 229-1826 (651)229-1827 c.cummins@wcra.biz

Carl Cummins President and CEO