BISMARCK, N.D.-North Dakota Insurance Commissioner Adam Hamm advises consumers today that he and his staff are closely monitoring the financial situation of American International Group (AIG) Holding Company and its subsidiary insurance companies.
"Forty AIG insurance companies do business in North Dakota," Hamm said. "These subsidiary companies are operating as usual and are regulated differently than the holding company that has been in the news."
The company's problems making national headlines this week deal with AIG's holding company, not the individual company subsidiaries with which consumers do business. AIG's holding company is a separate, federally-regulated legal entity that is distinct and apart from its subsidiary insurers. The subsidiary insurers are governed by state laws designed to protect the interest of policyholders.
"Insurance Department staff are closely monitoring these companies and we are involved at a national level to make sure consumers are protected," Hamm said.
Last year in North Dakota, 20 AIG property and casualty companies collected premiums of $18.4 million and 11 AIG life and health companies collected $48.4 million. Nationally, AIG's companies collected more than $151 billion in premiums in 2007.
Hamm urges anyone with questions about AIG to call the Insurance Department at 328-2440 or 1-800-247-0560.