The AIG Companies have introduced AIG Passport, an enhanced service process for corporate clients purchasing locally admitted directors and officers liability insurance to cover their international operations and subsidiaries.
AIG Passport provides customers with the opportunity to request from an AIG Companies’ underwriter a global D&O program letter that details terms and conditions of the base D&O policy and one or more locally admitted policies, written in the local language and compliant with specific local laws and regulations. AIG Passport is available for international operations and subsidiaries in more than 75 countries and jurisdictions although some countries and jurisdictions only non-admitted policies may be available.
“Globalization of executive liability risks and the desire for rigorous compliance on the part of multinational companies is fueling demand for locally admitted D&O policies,” said Kristian P. Moor, AIG executive vice president, Domestic General Insurance. “AIG Passport, plus over 30 years of experience writing international D&O liability risks, has uniquely positioned us to meet that demand.”
AIG Companies will underwrite and issue AIG Passport policies, as well as manage claims locally. AIG Passport service is available at inception or renewal for existing primary directors and officers liability insurance customers.
Source: American International Group, Inc.