Your AIG policy is safe, thanks to state regulations - Spokane, North Idaho News & Weather KHQ.com

Your AIG policy is safe, thanks to state regulations

  • Also on KHQ.comMore>>

  • Mayor Verner addresses City's financial future

    Mayor Verner addresses City's financial future

    SPOKANE, Wash. - At the Spokane City Council's regular Monday meeting, Mayor Verner detailed the steps she has been taking to address the financial pressures faced by the City.>>
    SPOKANE, Wash. - At the Spokane City Council's regular Monday meeting, Spokane Mayor Mary Verner detailed the steps she has been taking to address the financial pressures faced by the City now and for the immediate and long-term future.  The City anticipates several million dollars in expenditure reductions will be necessary to balance the City's General Fund budget for 2010.   >>
  • House passes bill taxing AIG and other bonuses

    House passes bill taxing AIG and other bonuses

    WASHINGTON. - Acting with lightning speed, the Democratic-led House has approved a bill to slap punishing taxes on big employee bonuses from firms bailed out by taxpayers.>>
    WASHINGTON. - Acting with lightning speed, the Democratic-led House has approved a bill to slap punishing taxes on big employee bonuses from firms bailed out by taxpayers.>>
  • Outrage continues over AIG's bailout bonuses

    Outrage continues over AIG's bailout bonuses

    WASHINGTON. - President Obama says he's outraged and he's not alone. Insurance giant AIG took a $170 billion bailout from the government and decided to hand out millions in bonuses.>>
    WASHINGTON. - President Obama says he's outraged and he's not alone. Insurance giant AIG took a $170 billion bailout from the government and decided to hand out millions in bonuses.>>
  • President Obama exploring legal options over AIG bonuses

    President Obama exploring legal options over AIG bonuses

    WASHINGTON. - President Obama says he's opposed to multi-million dollar bailouts being handed out at troubled insurance giant AIG and has exploring the government's legal options to stop them. >>
    WASHINGTON. - President Obama says he's opposed to multi-million dollar bailouts being handed out at troubled insurance giant AIG and has exploring the government's legal options to stop them. >>

OLYMPIA, Wash. - American International Group's (AIG) financial troubles continue to fuel consumer frustration and fear in Washington state and nationwide and Insurance Commissioner Mike Kreidler is urging caution and a close examination of the facts.

AIG is often erroneously described as the world's largest insurance company.  In fact, it is a global financial services conglomerate that does business in 130 countries. It owns 176 other companies in addition to 71 insurance companies. While the parent company (AIG) is regulated at the federal level, the insurance companies are regulated by the states where they're based.

"Many consumers have contacted my office concerned about their AIG insurance policies," said Kreidler. "I've assured them that AIG's insurance companies have the money necessary to pay claims. Regardless of what happens to AIG, there's a firewall in place to guard the assets of the insurance companies and protect policyholders."

Even though insurers' financial conditions are primarily overseen by their home state, Kreidler still carefully watches the financial condition of all insurance companies doing business in Washington state to make sure they have the money to pay claims. 

If the financial condition of an insurance company takes a turn for the worse, there are several steps state insurance regulators take to prevent the collapse of the company. In the very unlikely event that an insurance company was ordered to liquidate, policyholders' claims would be paid by one of Washington's two guaranty associations.

"The insurance companies owned by AIG remain strong, in part because state-based regulation continues to wall them off from the high-risk activities of their parent company," added Kreidler.  "Insurance commissioners across the country are continuing to keep a close eye on all of the insurance companies doing business in their states, especially during these uncertain economic times."

If you're a policyholder and have additional questions about your AIG-owned insurance company, you can visit the Washingon State Office of the Insurance Commissioner's online fact sheet.

  • Most Popular StoriesMost Popular StoriesMore>>

  • New York State illegally moving convicted sex offenders from prisons into group homes with the developmentally disabled

    New York State illegally moving convicted sex offenders from prisons into group homes with the developmentally disabled

    Thursday, September 20 2018 9:14 AM EDT2018-09-20 13:14:31 GMT
    Three State agencies are involved in placing convicted sex offenders in group homes or hiding this information from the families and the general public>>
    Three State agencies are involved in placing convicted sex offenders in group homes or hiding this information from the families and the general public>>
  • Cold Case: The Missing Wedding Guest

    Cold Case: The Missing Wedding Guest

    Sunday, September 23 2018 11:39 PM EDT2018-09-24 03:39:50 GMT

    STEVENS COUNTY, Wash. - It's been nearly two years since anyone has seen or heard from Paul Brazeau. He was last seen at his son's wedding. His brokenhearted family reached out to KHQ's Hayley Guenthner with a letter asking for his case to be featured in our Q6 Cold Case series. The day Paul vanished started out so wonderful. "It was a happy day," said Paul's aunt Georgine Glatt. 

    >>

    STEVENS COUNTY, Wash. - It's been nearly two years since anyone has seen or heard from Paul Brazeau. He was last seen at his son's wedding. His brokenhearted family reached out to KHQ's Hayley Guenthner with a letter asking for his case to be featured in our Q6 Cold Case series. The day Paul vanished started out so wonderful. "It was a happy day," said Paul's aunt Georgine Glatt. 

    >>
  • UPDATE: One man detained near Rockford Bay after SWAT situation

    UPDATE: One man detained near Rockford Bay after SWAT situation

    Monday, September 24 2018 2:28 PM EDT2018-09-24 18:28:11 GMT

    COEUR D'ALENE, Idaho - The Kootenai County Sheriff's Office says one man was detained following a SWAT situation near Rockford Bay Monday morning. The incident happened near Highway 95 and Bellgrove Road. Deputies say it was a domestic dispute and the 2nd time they had been called the home in the past 24 hours. 

    >>

    COEUR D'ALENE, Idaho - The Kootenai County Sheriff's Office says one man was detained following a SWAT situation near Rockford Bay Monday morning. The incident happened near Highway 95 and Bellgrove Road. Deputies say it was a domestic dispute and the 2nd time they had been called the home in the past 24 hours. 

    >>
HD DOPPLER 6i
/