NEW YORK (Bloomberg) — American International Group Inc., the insurer that got four bailouts from the federal government, has been the subject of complaints from rivals who say the firm is underpricing commercial coverage, a regulator said.

Competitors have said AIG was able to charge lower rates after getting government help, said New York Insurance Superintendent Eric Dinallo in an interview with Bloomberg Television today.

"We worry just as much about low pricing as high pricing," Dinallo said. AIG is based in New York.

Insurers including Hartford Financial Services Group Inc. have also applied for capital from the federal government, seeking to join more than 500 financial institutions that have received about $300 billion in government funds. Other insurers have complained that government aid gives a competitive advantage to the weakest institutions at the expense of those that don't need extra capital.

Government help "allows unhealthy insurers to grab more market share in the short term at levels that are unsustainable in the long term", said David Sampson, head of the Property Casualty Insurers Association of America, an industry group, in a statement last week.

AIG has denied cutting rates below sustainable levels. Spokesman Christina Pretto didn't immediately return a call seeking comment yesterday.

"We are not sacrificing rate to retain market share," AIG spokesman Peter Tulupman said in a statement in November. "It is possible that allegations of price cutting are coming from markets frustrated by their inability to win significant market share from AIG. Fortunately, our market strengths and customer relationships were built over many years and are not easily replicated."