State officials are warning consumers not to make hasty decisions if they have insurance policies from AIG or an affiliate company.
AIG’s insurance subsidiaries are solvent and able to pay their obligations, according to Kenneth Ross of the state’s Office of Financial and Insurance Regulation.
“Consumers should think twice before making any rash decisions if they have a policy issued by an AIG insurance company,” Mr. Ross said. “As state insurance regulators, it is our number one job to protect insurance policyholders and enforce strict solvency standards and the AIG insurance companies are strong and solvent.”
“Replacing or liquidating a life insurance policy or an annuity can have significant hidden costs and tax consequences. That’s why Michigan insurance laws require that consumers get all the information they need to make an educated decision,” Ross added. “If someone tells a consumer to replace any policy because an AIG insurance company is in trouble, that is not only untrue, it’s against the law.”
If consumers have a life insurance or annuity policy and someone tells them to replace it because of the troubles at AIG’s parent company, they should immediately call OFIR’s toll-free hotline 877-999-6442, he said.
You also can file a complaint at that number or by clicking here.
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