State Regulators to Work with Feds, AIG Over Insurer’s Asset Sales
In an effort to minimize additional disruption as result of the crisis that hit American International Group Inc. (AIG) last week, state insurance regulators will be working with federal officials and the insurer as the company moves forward. State insurance leaders said at a press conference Tuesday at the National Assn. of Insurance Commissioners quarterly meeting that among other things they are establishing a streamlined process whereby regulators in the 19 states where AIG insurance units are domiciled can review proposed sales of any of the 71 AIG units.
According to the state officials, the state-based insurance regulatory system was not at fault in the crisis surrounding AIG, as its problems stemmed from operations that are regulated by other entities.
AIG had chosen the federal Office of Thrift Supervision as the global regulator for those units, said New York Insurance Superintendent Eric Dinallo, who chairs an AIG Special Task Force of U.S. and foreign regulators.
Published on September 24, 2008
Are you retail Agent Looking for a Quote?