NEW YORK (CNN/Money) - The American International Group, the insurance giant engulfed in an accounting scandal, released details of an unusual compensation plan that gave ousted chief executive Maurice Greenberg and other top executives millions of dollars in previously undisclosed stock awards, according to a report Tuesday.

The New York Times reports that an AIG regulatory filing late Tuesday outlines payments made to Greenberg and 10 other senior executives through two private and related companies, Starr International and C.V. Starr.

The newspaper notes that many details of the payments, made in the form of stock grants, have not been previously disclosed. The article does not identify which parts of the executive compensation plan were kept hidden until now, nor does it give a total dollar value for the compensation package.

But the Times reports that the largest payouts came under a long-term incentive plan run by Starr International, which is registered in Panama.

For instance, Greenberg at year-end 2004 had accrued shares worth $202 million based on current stock prices under the Starr International plan. Martin Sullivan, who took over AIG after Greenberg stepped down earlier this year, had accumulated stock worth $10.6 million, according to the Times.

In 2004 alone, Greenberg received $10.1 million under Starr International's long-term pay plan. That payment was in addition to a $1 million salary and $8 million bonus from AIG.

Sullivan, meanwhile, last year received an extra $4.2 million from Starr International on top of his $775,000 salary and $830,000 bonus from AIG. Sullivan also received $4.9 million in cash for taking the top job at AIG this year.

According to the Times, the payments made by Starr International and C.V. Starr were in the form of AIG shares that the executives would receive upon their retirements at the age of 65. The value of the 2004 awards was calculated based on the number of AIG shares granted under the plan and the company's stock price at year-end.

The Times noted that the value of the stock grants has since dropped as AIG shares have fallen 16 percent since Dec. 31, 2004.

It was not immediately clear how federal and state regulators currently investigating AIG's accounting practices would react to the new compensation disclosures. In May, AIG announced a nearly $4 billion restatement of is earnings for the past five years.

AIG (Research) spelled out details of its executive compensation plan in a proxy statement filed in preparation for its annual shareholder meeting Aug. 11.

The company's filing also reported a huge hike in premiums paid under an insurance policy to cover its officers and directors from lawsuits. AIG now pays about $32.8 million in premiums, up from $9.4 million last year.

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