New York state insurance regulators may let American International Group Inc. use New York insurance subsidiary assets to secure financing for the parent company only if the arrangement is part of a comprehensive rescue plan.

That is the view of a New York State Insurance Department staffer who requested anonymity.

CNBC is reporting that AIG could file for bankruptcy court protection if the New York Fed cannot help it arrange temporary financing.

Gov. David Paterson, D-N.Y., said on CNBC that AIG has about a day to avert a bankruptcy filing by raising $75 billion to $80 billion.

The New York State Insurance Department staffer said his agency’s main job is protecting policyholders.

“We would allow AIG to move more saleable assets to the parent company to provide liquidity only if the loan is well collateralized,” the official said.

The official implied that an asset transfer arrangement would be approved only if the Federal Reserve Board can persuade banks to arrange up to $75 billion in loans for AIG, to help it cope with credit default swap collateral calls.

The transfer might involve collateralizing the movement of liquid municipal bonds held in the portfolio of an AIG property-casualty unit by pledging an AIG-owned life insurance unit.