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Texas Weighs In On AIG

By Trevor Thomas

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The Texas Department of Insurance “continues to closely monitor the financial status of American International Group Inc. in light of recent national media reports,” officials say.

The Texas department has issued a statement indicating that it is communicating regularly with AIG, New York, the Federal Reserve Board and insurance regulators in other states about developments at AIG.

AIG insurance company subsidiaries in Texas remain well-capitalized, Texas Insurance Commissioner Michael Geeslin says in the statement.

The Texas department “continues to be actively engaged in this situation so that policyholders are protected,” Geeslin says.

The department is ready to take prompt action to protect AIG’s Texas policyholders if need be, Geeslin says.

AIG operations in Texas include American General Life Companies, Houston, and AIG Retirement, Houston.