California Insurance Commissioner Says AIG Bailout Is Solid
Insurance Commissioner Steve Poizner assures California consumers that federal loan to AIG insurance company won't change their premiums or insurance policies.
Thursday, September 18, 2008
State Insurance Commissioner Steve Poizner says the federal bailout of AIG will NOT change the insurance policies of California consumers.
AIG…also known as “American Insurance Company”…has agreed to restructure in order to pay back the 85-billion dollar federal loan it received this week.
Poizner says it will be his top priority to monitor the AIG bailout.
AIG owns 25 insurance firms in California, but Poizner says consumers shouldn’t worry the company will go bankrupt…
“we will make sure that these AIG insurance companies…everything from workman’s comp companies to life insurance companies doing business in California…remain financially sound…”
Poizner reassures California policy holders that all insurance companies doing business in the state must set aside cash reserves to pay any legitimate insurance claim.
Poizner…who’s running for governor…says AIG can’t sell off any of its assets in California without his permission.
He says after reviewing AIG’s financial holdings …he’s determined the firm is currently in “great financial shape” in California.