(Reuters) – American International Group Inc's board is looking for a new director with regulatory experience, as the insurer readies for the government to classify it as big enough to merit greater scrutiny, according to two sources familiar with the situation.
AIG, which is already regulated by the U.S. Federal Reserve, expects more oversight if it is declared a "systemically important financial institution," or SIFI. The designation is widely expected after the U.S. Financial Stability Oversight Council told the company in October that it may do so.
AIG's board is looking at candidates who have run regulated financial institutions as well as former regulators, according to the sources. There is no specific time frame or deadline for a new director to be named, the sources said. The names of potential candidates could not be learned.
AIG spokesman Matt Gallagher declined to comment on Wednesday.
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