The collapse of one of the world's insurance titans, the American International Group (AIG), has many people scrambling for answers about how this will affect the economy, the insurance market, and of course, AIG's policyholders and claimants.
According to a release from the National Association of Insurance Commissioners (NAIC), 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 NAIC said that they have established a working group to oversee AIG insurance interests in this financial situation and will 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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