AIG in Trouble, but Insurance Commissioner Ensures WA Policy Holders Protected
KENNEWICK, Wash.-- American International Group, or AIG, is in trouble, but the Washington Insurance Commissioner says AIG insurance policy holders are protected.
AIG is the parent company of about 40 companies in Washington. The main company had to be bailed out by the federal government so it didn't go bankrupt, and now many people are thinking of canceling their policies or cashing in their annuities.
Insurance Commissioner Mike Kreidler says you don't need to do that because there are many different firewalls to protect you. He says state regulators have made sure all AIG insurance companies have the money to pay claims. Kreidler explains, "If you're a policy holder or annuity holder with one of the AIG companies, you're at the position right now to make sure that company is still continuing to be operating on sound principles and is well financed. There's no reason to worry about that company at this point."
Kreidler says another major concern is scammers who often scare customers into switching to a different insurance company. If you have AIG insurance, watch out for people urging you to switch.