Start printing more money for them....AIG seeking more U.S. funding, sources say - CNBC TV- msnbc.com
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AIG Needs More Money...Loses 60 Billion
- Thread starter Russ
- Start date
- 868
Big Surprise there AIG, the Auto Makers and the Banks. Their needs will exceed the ability of the economy and government to help them. They must be allowed to fail otherwise this will become a bottomless pit.
- 403
Poor economic reasoning will likely lead Obama to throw good money after bad into this bottomless pit. :(
- 4,096
This is bad.
If they fold the re insurance market is going to be in chaos.
If they fold the re insurance market is going to be in chaos.
- Thread starter
- #5
Their stock is down to .40 cents per share. It's dropped nearly .14 cents this morning....AIG - American International Group, Inc. - Google Finance
- 1,926
What are you telling your AIG clients? If they can get comparable rates changing companies, should they? I know what we are doing.
Careful with any representation about AIG, and their financial issues. The NAIC has stated that such representations could be a violation of Unfair Trade Practices Act... the following is from their website, as well as the link below:
Information on AIG
The financial trouble with AIG is with its non-insurance parent company, which is not regulated by the states and therefore not held to the same investment, accounting and capital adequacy standards as its state-regulated insurance subsidiaries. The AIG insurance companies are separate entities, regulated by state insurance departments.
These AIG insurance companies are financially solvent and paying policyholder claims. If an agent tells you to replace any policy because an AIG insurance company is in trouble and may not be able to pay your claim, this statement is false and could be a violation of the Unfair Trade Practices Act in most states. If such a claim is made as part of a sales pitch, consumers can check the financial health of the insurance company by contacting their state insurance department, or by using the financial information tools on the NAIC’s Consumer Information Source (CIS) at: https://eapps.naic.org/cis/.
NAIC Link HERE
Just be careful. I received this from Midland a few weeks ago:
Therefore, as a reminder, all persons associated with the sale/marketing, and distribution of Midland National insurance and annuity products should be aware of the general prohibition on inducing any policyholder to lapse, forfeit, change or surrender their policy or contract by using false or malicious statements, or advertising about another company's financial condition.
State insurance departments will be conducting heightened monitoring of any replacement of AIG insurance policies or annuity contracts. Suitable replacements of AIG products, properly done, and in compliance with state and company replacement standards are acceptable. However, any strategy to replace life and annuity products of AIG insurers primarily on the basis that they are AIG products will be viewed as unsuitable replacements.
This isn't to say you can't replace the business. You just have to be careful how it is approached.
- Thread starter
- #9
Make that a 62 BILLION dollar loss....AIG suffers $62 billion loss, bailout revamped - Mar. 2, 2009
"""To date, AIG has secured in excess of $150 billion of aid from the federal government.
"""
"""To date, AIG has secured in excess of $150 billion of aid from the federal government.
"""
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