American International Group Inc., the insurer that turned over a majority stake to the U.S. as part of its bailout, is in talks with regulators to become independent, its chief executive, Robert Benmosche, said.

"We have commenced discussions with the U.S. government on the process and terms of a complete government exit," Benmosche told employees Friday in a memo. "Depending of course on market conditions, which could remain volatile, we expect to make meaningful progress in 2010 on repaying the Federal Reserve Bank of New York, and over time fully repaying all of our obligations to taxpayers."

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