New York Insurance Regulator to Oversee AIG Asset Sales

September 26, 2008

New York State Insurance Superintendent Eric Dinallo, who heads a national panel of state regulators overseeing possible sales of assets by American International Group (AIG), has asked an investment advisory firm to help out.

Centerview Partners will advise the insurance department in connection with its involvement with AIG, and in particular will assist the department, which regulates a number of the AIG insurance units, in assessing the terms of any potential sales of regulated entities, according to Dinallo.

“Because of the efficacy of state-based insurance regulation, AIG’s insurance subsidiaries are financially strong and will be a part of the solution as AIG works toward stability,” Dinallo said. “It is critical to ensure policyholders’ interests are protected during this process. Centerview is superbly equipped to help us achieve this goal.”

Any significant transaction affecting an AIG insurance company, including any sale, will need approval from state regulators.

The National Association of Insurance Commissioners (NAIC) named Dinallo chair of the 50-state working group established to oversee AIG insurance interests and ensure that policyholders of the insurance subsidiaries remain protected. This oversight will continue as AIG operates under the credit facility offered by the Federal Reserve. Pennsylvania Insurance Commissioner Joel Ario is vice-chair of the working group.

Centerview Partners, based in New York, operates an investment banking advisory practice and a private equity business. The advisory business specializes in independent advice and other client services capitalizing on the experience of its principals. The firm provides senior-level counsel to both domestic and international clients.

Source: NYSID