Friday, July 31, 2009

Insurance regulators respond to NYT article...

Responding to a New York Times story (see the post below this), the National Association of Insurance Commissioners said today that AIG is stronger than the story -- "After Rescue, New Weakness Seen at A.I.G." -- would suggest.

"We are convinced, based on a complete, broad and deep ongoing review of all current material information, that the claims-paying abilities of these companies remains appropriate," the NAIC said in a letter sent to the Times this morning. "If this status changes, we are prepared and fully able to step in on behalf of policyholders and protect their interests."

The letter was written by Acting New York Insurance Superintendent Kermitt Brooks and Pennsylvania Insurance Commissioner Joel Ario. Here's a link to the full text of the letter, and here's a link to more on the the NAIC response.

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