Filed Under:Your Practice, Regulatory

AIG CEO supports Fed on SIFI

AIG has been preparing for federal regulation for months, and “we’re well on our way,” Benmosche says

AIG CEO Robert Benmosche in a March interview. (AP photo/Richard Drew)
AIG CEO Robert Benmosche in a March interview. (AP photo/Richard Drew)

The Federal Reserve Board is on the case, and the days when insurance company officials can shoot first and then aim are going to end, AIG CEO Robert Benmosche subtly warned the insurance industry Tuesday.

He made his comments to Maria Bartiromo, anchor of the CNBC “Newsmakers” program, just 24 hours after the Financial Stability Oversight Council designated AIG as one of the first two insurance companies to be federally regulated.

In his comments, Benmosche made three other major points.

First, he said the economy is not growing at an ideal pace because “we’re going through a huge psychological change” because people don’t have the confidence in the economy they should have, a confidence driven by the fact that rules are in place to prevent the kind of things that got AIG, and other companies, into big trouble four years ago.

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Nichole Morford

Nichole Morford
Managing Editor

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