WASHINGTON–The Property Casualty Insurers Association of America says the federal government should rethink its plans to possibly provide additional bailout money to American International Group, arguing that doing so creates an unfair competitive advantage for the company.
“Providing additional subsidized taxpayer loans to insurers who are also thrift holding companies could create unintended negative effects on consumers and the marketplace,” said David Sampson, president and chief executive officer of PCI.
His comment was prompted by reports that AIG will report on Monday a fourth-quarter loss that could reach $60 billion and the company is seeking additional government funding to prevent bankruptcy.
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