AIG Eyes New Director with Regulatory Experience

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.

By Nadia Damouni, Reuters, Paritosh Bansai, Reuters | Updated on May 23, 2013

(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.

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