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NAIC Makes AIG Assignments

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The National Association of Insurance Commissioners has set up several bodies to handle issues related to the problems at American International Group Inc.

The NAIC, Kansas City, Mo., has posted information about the bodies on its Web site.

The NAIC has formed an AIG Managing Task Force to oversee discussions concerning AIG, New York.

The task force, part of the NAIC Financial Condition Committee, “is charged with managing the NAIC and state regulatory activities related to the AIG insurance subsidiaries,” the task force says in a list of 2009 charges on its section of the NAIC site.

The AIG Managing Task Force will be the mother of three daughter entities: The AIG Special Working Group, the Form A Subgroup, and the AIG Life Working Group.

The AIG Special Working Group – formerly the AIG Special Task Force — includes all NAIC members. The AIG Managing Task Force is supposed to use the working group to coordinate the interactions of state regulators, federal government officials, company representatives, and international regulatory interests, officials say.

The Form A Subgroup will handle communications and activities coordination involving “the change in ownership approval process for insurers proposed to be sold by [the] AIG holding company,” officials say.

The third daughter entity, the AIG Life Working Group, will ensure that “the specific regulatory concerns regarding the 17 life insurers in the AIG group are adequately addressed in the overall AIG plan and its implementation,” officials say.