New York Insurance Superintendent Eric Dinallo--who played a critical role in negotiations to salvage American International Group last week--will oversee a National Association of Insurance Commissioners task force created to expedite the approval of sales of AIG assets to repay its Federal Reserve loan.
Creation of the task force was approved by commissioners in a late afternoon conference call on Sept. 16, as federal and state regulators worked with the Treasury Department to finalize a solution to AIG's liquidity crisis, according to David Neustadt, an insurance department representative.
The move implied that prompt action to sell AIG assets and pay off the 24-month government bridge loan secured last week is necessary to get the best value for the government and shareholders.
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