AIG Special (E) Task Force

  • 2008-3, NAIC Proceedings - AIG Special (E) Task Force reporting to the Financial Condition (E) Committee
    • AIG Special (EX) Task Force (Attachment Nine) 4-34

2008-3, NAIC Proceedings

4-5 - 2008 0923 - Executive (EX) Committee - 13, Consider Adoption to Establish the AIG Special (EX) Task Force and Adoption of its Charge

Superintendent Dinallo reported the NAIC took swift action to address the developments with American Insurance Group (AIG), including the recent actions of the Federal Reserve, and their impact on AIG insurance interests.

  • Superintendent Dinallo indicated that the Task Force would oversee AIG insurance interests in this financial situation and coordinate among state regulators, federal government officials, company representatives and international regulatory interests.
  • Superintendent Dinallo indicated that the Task Force will utilize the Form A to manage the communication of information and coordination of activities related to the change in ownership approval process for insurers proposed to be sold by the AIG holding company, with the Form A Subgroup being composed of the states with domestic AIG insurers.
  • Superintendent Dinallo stated that the Task Force will also specifically ensure the regulatory concerns regarding the 17 life insurers in the AIG group are adequately addressed in the overall plan for AIG and its implementation.
  • Commissioner Mitchie made a motion, seconded by Director Scheiber, to establish the AIG Special (EX) Task Force and to adopt its charges (Attachment Nine).  The motion passed.

  • 4-34 - 2008 0923 - PROPOSED CHARGES FOR AIG SPECIAL (EX) TASK FORCE - Appoint an AIG Special (EX) Task Force compiled of all NAIC members to complete the following:
    • 1. This Task Force is charged with overseeing the regulatory activities related to the AIG insurance subsidiaries and coordinating interaction among state regulators, federal government officials, company representatives, and international regulatory interests. Membership consists of every NAIC member, unless a particular member opts to be excluded.
    • 2. The Task Force will utilize a Form A Subgroup to manage the communication of information and coordination of activities related to the change in ownership approval process for insurers proposed to be sold by AIG holding company. The Form A Subgroup will be composed of the U.S. jurisdictions that have domestic AIG insurers.
    • 3. The Task Force will utilize an AIG Life Working Group to ensure the specific regulatory concerns regarding the 17 life insurers in the AIG group are adequately addressed in the overall AIG plan and its implementation.