New York regulator plays down significance of inquiry
New York’s acting insurance superintendent Kermitt Brooks says a continued look at complaints that AIG is cutting insurance prices to an unprofitable level is routine, Dow Jones reports.
"We respond to complaints of this type routinely, and we have gotten some complaints," Brooks, said. "It is more of an examination. 'Investigation' has a negative connotation that is not appropriate here."
Edmund "Ted" Kelly, chief executive of Liberty Mutual has been a persistent critic of AIG's pricing practices. "AIG continues to be overly aggressive on pricing and terms," Kelly said during a March conference call. "But, of course, if you've got an implicit federal backstop, you can do that stuff."
