WASHINGTON–The nation's insurance commissioners meeting here asserted that state regulation has ensured the solvency of carriers including insurance subsidiaries of financially challenged American International Group conglomerate.
Their comments to that effect were delivered throughout the fall meeting of the National Association of Insurance Commissioners, a week after the federal government stepped in with $85 billion of liquidity to keep the AIG holding company in business.
Eric Dinallo, New York's insurance superintendent and one of the regulators involved in negotiations that led to the Treasury Department AIG agreement, emphasized that the problem was with credit default swaps and the way federal regulators oversaw the holding company, not with the way that insurance regulators oversaw insurers. Mr. Dinallo emphasized that the insurance units are solvent.
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