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As American International Group (ÌìÃÀÍøÕ¾´«Ã½´«Ã½) continues its restructuring, California Insurance Commissioner Steve Poizner has appointed a special examiner to assist in the monitoring of ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s insurance operations.

“Hundreds of thousands of Californians have insurance policies with companies owned by ÌìÃÀÍøÕ¾´«Ã½´«Ã½,” said Commissioner Poizner. “It’s vital that we have somebody on the ground at ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s headquarters in New York to immediately recognize any potential problems so we can work with our regulatory counterparts to solve these issues.”

Generally, insurance companies are regulated by the state in which they are domiciled. The majority of ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s insurance companies are headquartered in New York, Massachusetts, Texas and Delaware. There are also more than two dozen ÌìÃÀÍøÕ¾´«Ã½´«Ã½-owned insurance companies that conduct business in California. California’s ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Special Examiner will work in concert with the insurance regulators of New York, Massachusetts, Texas, Delaware and other states where the primary regulatory responsibility lies, the Golden State explained.

The Special Examiner will report directly to Ramon Calderon, deputy insurance commissioner for financial surveillance.

Since ÌìÃÀÍøÕ¾´«Ã½´«Ã½ fell into financial peril, Commissioner Poizner has been on the forefront of protecting California’s consumers.

He has opposed federal efforts to usurp regulatory control of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ from state regulators. In addition, he is expediting a review of the sale of ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s Personal Auto Group of Companies to Zurich Financial Services and the Farmers Insurance.

Source: DOI

Topics California Legislation New York ÌìÃÀÍøÕ¾´«Ã½´«Ã½