Q: What Was The Relationship Between AIGFP and the Insurance Subsidiaries?

  • Outside of the holding co., the insurance subs have about $68B in securities lending liabilities to the 12 largest firms.
  • Program is managed by the holding company (AIG Financial Products).

2008 0913 - FCIC - FRB (Brian Peters/NY/FRS) -FRBNYAIG00510 - 2p - <includes: 2008 0912 - FCIC - 2008-09-12 Alejandro LaTorre Email to Geithner et al re Update on AIG 

2008 - AIG Annual Report - 352p

  • (p3) - During this time period, AIG was engaged in a review of measures to address the liquidity concerns in AIG’s securities lending portfolio and to address the ongoing collateral calls with respect to the AIG Financial Products Corp. and AIG Trading Group Inc. and their respective subsidiaries (collectively, AIGFP) super senior multi-sector credit default swap portfolio, which at July 31, 2008 totaled $16.1 billion. 
  • (p41) - Resolution of U.S. Securities Lending Program. 
  • (p42) - See Investments — Securities Lending Activities and Note 5 to the Consolidated Financial Statements for further information on the transaction with ML II. 
  • (p329) - GICs and GIAs are entered into by AIG’s insurance subsidiaries, principally SunAmerica Life Insurance Company and AIG Financial Products Corp. and its subsidiaries, respectively.  
  • (p330) - Subsidiaries of Registrant. 
  • (p400) - GICs and GIAs are entered into by AIG’s subsidiaries.

2010 1231 - AIG - 10-K - 412p 

  • Second, the fact that the credit default swap operation at AIG again impacted our insurance company is why we believe that this discussion around systemic risk regulation is worth having, but not to use it as an opportunity to gut a system that has worked, which is we protected the insurance companies and the insurance policyholders.  (p38)

-- Vaughan, Therese M., Ph.D., Chief Executive Officer, National Association of Insurance Commissioners (NAIC) 

2009 0305 - GOV (House) - Perspectives on Systemic Risk - [PDF-254p