International Association of Insurance Supervisors steps up supervisory coordination efforts

22 September 2008: The International Association of Insurance Supervisors (IAIS) has today announced intensified coordination efforts in response to the current turmoil in financial markets. The IAIS works closely with other international institutions to promote financial stability.

Key insurance supervisors from around the globe were recently updated on matters relating to American International Group (AIG) and agreed that they would hold regular conference calls in the coming weeks to monitor solutions to supervisory issues.

In describing the recent events, Eric Dinallo, New York Insurance Superintendent, stressed: “While AIG has many large insurance operations within its corporate structure, it is a financial services conglomerate. The current crisis is a result of AIG’s non-insurance related business.” Superintendent Dinallo added: “The Federal Reserve’s rescue offer would likely not have been made if it were not for the core value of AIG’s insurance subsidiaries, which exists due to sound solvency regulation and oversight provided by IAIS members worldwide.”

Michel Flamée, IAIS Chairman of the Executive Committee, noted: “Since the financial community is so inter-linked, financial supervisors must continue to cooperate closely in order to protect policyholders around the world.”

(This is Press Release of IAIS)


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