AIG - Seven - Insolvent Insurance Companies
- 2009 0807 - NYT - A.I.G. Posts Its First Quarterly Profit Since 2007, By Mary Williams Walsh - [link]
- 2010 0318 - GOV (House) - Insurance Holding Company Supervision, Paul Kanjorski (D-PA) --- [BonkNote] --- [PDF-183p, VIDEO-?]
- (p19) - Ed ROYCE (R-CA) - There is a lot of blame to go around in the case of AIG, but to say the various State insurance commissioners are not to be included in that group is a failure to look at the facts.
- Further, there are at least seven State-regulated insurance subsidiaries that were participating in AIG’s Securities Lending Division that would have been insolvent but for the American taxpayers.
- (p19) - Ed ROYCE (R-CA) - There is a lot of blame to go around in the case of AIG, but to say the various State insurance commissioners are not to be included in that group is a failure to look at the facts.
- David J. Merkel, a former life insurance actuary for A.I.G., said he thought Mr. Benmosche would bring the kind of expertise with life insurance that might now be needed, given the continuing weakness at the life and annuity subsidiaries.
- Mr. Merkel, now chief economist at Finacorp Securities, gathered all of A.I.G.’s state regulatory files for 2008, reviewed each insurance company’s finances and concluded that seven of its life insurers could have been deemed insolvent and shut down last year had it not been for the federal rescue.
- A.I.G. declined to comment on his observations.
2007 0807 - NYT - A.I.G. Posts Its First Quarterly Profit Since 2007, By Mary Williams Walsh - [link]