As American International Group (AIG) continues its restructuring, California Insurance Commissioner Steve Poizner has appointed a special examiner to assist in the monitoring of AIG’s insurance operations.
“Hundreds of thousands of Californians have insurance policies with companies owned by AIG,” said Commissioner Poizner. “It’s vital that we have somebody on the ground at AIG’s headquarters in New York to immediately recognize any potential problems so we can work with our regulatory counterparts to solve these issues.”
Generally, insurance companies are regulated by the state in which they are domiciled. The majority of AIG’s insurance companies are headquartered in New York, Massachusetts, Texas and Delaware. There are also more than two dozen AIG-owned insurance companies that conduct business in California. California’s AIG Special Examiner will work in concert with the insurance regulators of New York, Massachusetts, Texas, Delaware and other states where the primary regulatory responsibility lies, the Golden State Department of Insurance explained.
The Special Examiner will report directly to Ramon Calderon, deputy insurance commissioner for financial surveillance.
Since AIG fell into financial peril, Commissioner Poizner has been on the forefront of protecting California’s consumers.
He has opposed federal efforts to usurp regulatory control of AIG from state regulators. In addition, he is expediting a review of the sale of AIG’s Personal Auto Group of Companies to Zurich Financial Services and the Farmers Insurance.
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