The Texas Department of Insurance announced it is continuing to closely monitor the financial status of American International Group Inc. (AIG) in light of recent national media reports.
TDI said it is engaged in regular communication with AIG, the Federal Reserve Board, and other state insurance regulators about the most recent developments.
“The Texas insurance companies remain well-capitalized,” Insurance Commissioner Mike Geeslin said. “TDI continues to be actively engaged in this situation so that policyholders are protected. There has been no bankruptcy filing by the parent company. In the event of any changes in the status of the parent company, our state laws provide us with tools to intervene.”
TDI is prepared for prompt action to protect AIG’s insurance policyholders as needed. In the meantime, policyholders are cautioned to be aware that some policies may contain surrender charges and/or penalties if they are cancelled.
Source: Texas Department of Insurance, www.tdi.state.tx.us
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