The State regulate insurance industry does a great job in these situations as compared to the Banking industry where everything is a disaster and demands bailouts.
The issues at AIG were in their investment company, not the insurance arm. The insurance arm was sound and remained solvent because the state regulator would not let the parent company raid the surplus.
The P&C part also had problems with honesty. Don’t you remember the infamous Marsh Mac bid rigging scandal that AIG was involved in some years ago? Apparently, all the executives involved with that scam escaped serious scrutiny or termination.
What does this tell us about the economic conditions in the great state of Illinois? Businesses are leaving or going out of business on a regular basis, they have one of the highest tax rates in the country, crime is rampant in Chicago and they have criminals in office or in prison for their crimes while in office. I am glad I don’t live in this state.
Goodbye “Original Kemper”…
The State regulate insurance industry does a great job in these situations as compared to the Banking industry where everything is a disaster and demands bailouts.
JW…You must be kidding! Did the NY regulators do a “great job” with near 100 Billion loss at AIG, requiring US taxpayer bailout?
The issues at AIG were in their investment company, not the insurance arm. The insurance arm was sound and remained solvent because the state regulator would not let the parent company raid the surplus.
The P&C part also had problems with honesty. Don’t you remember the infamous Marsh Mac bid rigging scandal that AIG was involved in some years ago? Apparently, all the executives involved with that scam escaped serious scrutiny or termination.
As a former employee of 17 years, this makes me very sad. This was a wonderful company and this is a very sad ending.
How sad; these companies have been in business for a long time.
What does this tell us about the economic conditions in the great state of Illinois? Businesses are leaving or going out of business on a regular basis, they have one of the highest tax rates in the country, crime is rampant in Chicago and they have criminals in office or in prison for their crimes while in office. I am glad I don’t live in this state.