AIG: NAIC FOCUSED ON FIDELITY
State Regulators Fully Engaged in Comprehensive
Insurance Company Subsidiaries
WASHINGTON, D.C. (July 31, 2009) - In response
to incomplete and misleading information in the media regarding
American International Group, Inc. (AIG) and the role of
state insurance regulators, the National Association of Insurance
Commissioners (NAIC) reiterates that policyholders remain
"As public officials, it is the responsibility of
the NAIC and state regulators to correct any misinformation that is
being circulated," said Therese M. (Terri) Vaughan, Ph.D., NAIC
Chief Executive Officer. "Consumer protection is our first and
foremost concern. The 71 state-regulated insurance entities within
AIG are financially sound and are fully able to pay claims."
This point was further underscored in a letter sent to the
editor of The New York Times by Kermitt Brooks, Acting New
York Insurance Superintendent and Chair of the NAIC's AIG Managing
Task Force and Joel Ario, Pennsylvania Insurance Commissioner and
Vice Chair of the NAIC's AIG Managing Task Force.
letter, the NAIC states that insurance regulators are engaged in a
coordinated, comprehensive review of AIG's U.S. insurance company
subsidiaries - at both the level of the individual
companies and within and across the entire group of companies.
"During this extremely critical time, it is vital that important
voices in the public discourse such as The New York Times,
act and speak responsibly with the full recognition that making
inappropriate assertions based on incomplete information ultimately
hurts both policyholders and taxpayers," the letter
Click HERE for the full text of the letter to The
New York Times.
Click HERE for more information about the regulatory
response to AIG.
About the NAIC
Formed in 1871, the National Association of Insurance Commissioners
(NAIC) is a voluntary organization of the chief insurance regulatory
officials of the 50 states, the District of Columbia and five U.S.
territories. The NAIC has three offices: Executive Office, Washington,
D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office,
New York City. The NAIC serves the needs of consumers and the industry,
with an overriding objective of supporting state insurance regulators as
they protect consumers and maintain the financial stability of the
insurance marketplace. For more information, visit www.naic.org.
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