Kansas City, Mo. — In the wake of news that the non-insurance parent company of American International Group (AIG) is facing a financial crisis, state insurance regulators quickly mobilized to ensure that policyholders of the insurance subsidiaries remained protected. This oversight will continue as AIG operates under the credit facility offered by the Federal Reserve.
The National Association of Insurance Commissioners (NAIC), Kansas City, Mo., has established a working group to oversee AIG insurance interests in this financial situation and to coordinate with federal regulators as needed. New York State Insurance Superintendent Eric Dinallo is chair of the working group and Pennsylvania Insurance Commissioner Joel Ario will serve as vice-chair.
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