Statement by Florida Insurance Commissioner Kevin McCarty on Current Situation with AIG Companies
TALLAHASSEE, Fla. – “I have been monitoring the AIG situation very closely; and I have been in contact with my fellow regulators in New York and Pennsylvania – the two states with primary regulatory control over the AIG companies involved.
“The news we are continuing to hear is that the primary financial problem is with the AIG holding companies, not the insurance companies, and that the holding company issue is being resolved by the $85 billion loan from the federal government.
“We have been told that the insurance companies are solvent and will be able to pay claims. It is important that policyholders continue to pay their premiums to ensure that their coverage does not lapse.
“I assure you that, if it should become necessary, we will immediately intervene if we feel that any one of the AIG companies operating in Florida will be unable to pay its claims and fulfill the promises made to its policyholders.
“We have 46 AIG subsidiary companies that operate in Florida – 34 sell property and casualty insurance and 12 sell life and health insurance. Only one, American General Property Insurance Co. of Florida, is headquartered in the state.
“I will not speculate any further on possible scenarios beyond what we already know. As more information becomes available, we will share it with you.”