The New York Insurance Department said it has hired Centerview Partners Holdings L.L.C. to help it oversee the insurance subsidiaries of American International Group Inc.

Kansas City, Mo.-based NAIC set up a 50-state working group headed by New York to keep tabs on the insurance operations of AIG, after the firm's financial problems forced to give the government a 79.9 percent interest in the firm in exchange for an $85 billion loan.

AIG's CEO Edward Liddy said Monday the conglomerate would sell off units to pay off the loan and within seven to 10 days he would identify properties that are for sale and perhaps the conclusion of some deals.

“Any significant transaction affecting an AIG insurance company, including any sale, will need approval from state regulators,” according to an announcement of the hiring of Centerview released by New York State Insurance Superintendent Eric Dinallo, the chair of the AIG working group.

Centerview, New York, is an investment banking advisory and private equity firm run in part by partners who once were top executives at Gillette Company, Boston.

One of the firm's senior advisors, Ray Groves, is a former chairman and chief executive of Ernst & Young L.L.P., New York.

This article updated Sept.29, 10:00 a.m.

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New York Hires Firm To Supervise Sale of AIG Units

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