2008 Financial Crisis – Documents

2009 0402 - Letter - NCOIL to Senators Dodd, Frank, Shelby, Bachus - 2p
- State insurance regulation was not a factor in the economic downturn and should not be swept into any proposed financial services overhaul.
2008 1006 - Letter - NAIC to GOV - Praeger to Waxman, Davis - [link to NAIC Page - 4p]
- AIG’s U.S. Insurance Companies are Solvent
- The problems at AIG necessitating a Federal loan are not with its insurance subsidiaries.
  - (p1-2) - The problems stem from the operations of AIG’s holding company, its financial products division, and its securities lending division, regulated at the Federal level by the Office of Thrift Supervision (OTS).
  - The State regulated insurance subsidiaries remain solvent and able to pay claims.
  - Throughout the liquidity crisis at the AIG holding company level, consumers remained protected by State rules preventing the holding company from simply raiding capital from its profitable and well-capitalized insurance subsidiaries.
  - While the AIG insurance businesses and their State regulators were not part of the problem, they will be a key part of the solution.