Monday, August 3, 2009

State Regulators Reiterate Their Thorough Review of AIG

State regulators continue to deliver their message that they are working hard to make sure that American International Group’s insurance units are sound and able to pay policyholder claims. In a letter to The New York Times on July 31, Acting New York Superintendent Kermitt Brooks and Pennsylvania Insurance Commissioner Joel Ario, both representing the National Association of Insurance Commissioners, reiterated the NAIC’s work on the issue.

In the letter, the two commissioners said that “State regulators are engaged in a virtually non-stop, coordinated, comprehensive review of AIG's U.S. insurance company subsidiaries, both at the level of the individual companies and within and across the entire group of companies.”

They explained that the process includes quarterly and annual financial reports and a thorough review by multiple review teams working through the NAIC, Kansas City, Mo. Ario and Brooks wrote that based on a complete review of available material, state insurance regulators are convinced that the insurance units at A.I.G. , New York, are able to pay claims.

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