American International Group plans to sell its savings and loan out of concerns around restrictions imposed by the so-called Volcker rule, not federal regulation.

In comments this afternoon on CNBC, Robert Benmosche, AIG president and CEO, also said he welcomes federal regulation “because we want someone over our shoulder,” especially after what happened in 2008, when AIG required a huge federal bailout because it insured an estimated $2.77 trillion of what turned out to be troubled mortgage securities.

If it sells its thrift, AIG will still likely be federally regulated through designation by the Financial Stability Oversight Council as a systemically significant non-bank.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.


  • All news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join now!

  • Unlimited access to - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including, and
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.