This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

AIG Life Insurers Enhance Procedures For Unclaimed Property And Resolve State Examinations

American International Group, Inc. (NYSE: AIG) announced today that AIG’s life insurance companies resolved multi-state examinations relating to the handling of unclaimed property and the use of the Social Security Administration’s Death Master File (SSDMF) to identify death claims that have not been submitted to the company in the normal course of business. AIG had previously disclosed that its life insurance companies had received regulatory inquiries, including a multi-state unclaimed property audit and related market conduct examination.

The company will pay an $11 million regulatory assessment to the various state insurance departments to defray costs of the examination and monitoring. In addition to reserving for the regulatory assessment, AIG will increase its estimated reserves for policy holder benefit reserve death claims relating to these audits by $55 million in the third quarter for interest and expected acceleration of benefit payments under the settlement, including early payment of policy proceeds under certain older industrial life policies.

AIG is now taking enhanced measures to, among other things, routinely match policyholder records with the SSDMF to determine if its insureds, annuitants, or retained account holders have died and locate beneficiaries when a claim is payable. This puts AIG among the industry leaders in ensuring that beneficiaries will receive insurance proceeds.

In 2011, prior to receiving any regulatory inquiries, AIG began a diligent review of its policyholder records, including matching records against the SSDMF to identify polices where the insured may be deceased but no claim had been submitted to the Company. To date, as a result of this effort, AIG has paid more than $100 million to more than 22,000 beneficiaries.

American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,637.41 -52.45 -0.30%
S&P 500 2,103.12 -0.72 -0.03%
NASDAQ 5,134.1460 +5.8650 0.11%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs