New Jersey residents covered by American International Group's auto insurance subsidiary should not worry about their health carrier, says the state Department of Banking and Insurance Commissioner Steven M. Goldman.
"AIG's auto insurance subsidiary in New Jersey - American International Insurance New Jersey - is well-capitalized and well able to live up to their claims," Goldman said last week. "I urge policy-holders, not to make any decisions, rash, if you have a policy issued by AIG insurance company."
AIG sole subsidiary in New Jersey has about 76,000 customers and auto insurance account for about $ 80 million in 2007 bonuses, according to Goldman.
The collapse of complex mortgage-related transactions by AIG conglomerte stung to the core business of insurance. On 17 September, the Federal Reserve announced it taking control of the company at $ 85 billion rescue to prevent collapse.
"Your insurance and annuity policies are written by AIG insurance companies," said Goldman. "These companies are strong financially, and their assets are protected by state regulatory authorities." -
2008 NJBIZ. Provided by ProQuest LLC. All rights Reserved.
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