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AIG eyes new director with regulatory experience

American International Group Inc's board is looking for a new director with regulatory experience, as the insurer readies for the government to classify it as big enough to merit greater scrutiny, according to two sources familiar with the situation.AIG, which is already regulated by the U.S. Federal Reserve, expects more oversight if it is declared a "systemically important financial institution," or SIFI. The designation is widely expected after the U.S. Financial Stability Oversight Council told the company in October that it may do so.AIG's board is looking at candidates who have run regulated financial institutions as well as former regulators, according to the sources. There is no specific time frame or deadline for a new director to be named, the sources said. The names of potential candidates could not be learned.AIG spokesman Matt Gallagher declined to comment on Wednesday.AIG has been reshaping its board since repaying the government's crisis-era bailout. The search for a dir...

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    New U.S. single-family home sales surged in September to the highest level in nearly 2-1/2 years, further evidence the housing market recovery is gaining steam.The C...

  2. Progressive Settles Claim Amid Internet Firestorm

    Progressive Corp. (PGR) said it reached a settlement with the family of a deceased policyholder after their complaints about the company ignited a firestorm of criti...

  3. Progressive Settles With Family of Policyholder Amid Firestorm

    Progressive Corp. (PGR) on Thursday said it had reached a settlement with the family of a deceased policyholder after the family's complaints about the insurance com...

  4. Put Insurance on Your College Back-to-School Checklist

    Beer money? Check. iPad? Check. New futon? Check. Auto, health, property and personal liability insurance policies? If you're a college student, you'd better make su...

  5. Renters Insurance Basics for Ex-Homeowners

    Foreclosure fallout in the U.S. means millions of former homeowners are now renting, as they're unable to get mortgages or are skittish about buying. Insurance indus...

  6. How to Protect Your Business From Lawsuits

    Whether you run a two man shop or a fifty strong company, having general business liability insurance may be a necessity. Small business owners may not think they ne...

  7. Citi Appoints New General Counsel

    Citgroup Inc. (C) said it hired Rohan Weerasinghe as general counsel to succeed Michael Helfer.Helfer, who was general counsel for nine years during which Citi went ...

  8. Nationwide 4Q Profit Falls, Insurer Tweaks Annuity Offering

    Nationwide Mutual Insurance Co. said fourth-quarter net income dropped 87% to $50 million as hedges the company put in place to limit volatility caused $269 million ...

  9. Pet Insurance a Costly Necessity

    After Nicole Bodzon, 28, a consultant in Conifer, Colorado, paid $1,600 for her pug, Pepe, to have a possibly cancerous tumor removed from his eye, she thought she m...

  10. Guidewire Software Opens Up 29% Post-IPO

    Guidewire Software Inc.'s (GWRE) initial public offering was greeted enthusiastically Wednesday, gaining 29% during its first trade.The company's stock opened at $16...

  11. Facebook Status Update: Three-Car Pileup!

    It's time to unfriend your Mercedes-worshipping buddies on Facebook .Starting next year, their cars will begin to pester you with status updates. Mercedes-Benz and F...

  12. What Will it Take to Pry Your Cell Phone Away?

    Ban all cell phone use on the highways? Good luck with that.Drivers are not only talking and texting more than ever, they're surfing the Web as well. Penalties are i...

  1. Six Shadiest Auto Insurance Fraud Schemes

    Insurance Fraud SchemesEven if you never find yourself in the middle of one of its sleazy scams, auto insurance fraud hits you. Industry experts say it slows legitim...

  2. Do You Brake for Squirrels?

    Surely by now you've seen this Nationwide Insurance commercial with Julia Roberts doing the voiceover:"In the nation, people are remembering driver's ed. They're loo...

  3. Economy shows some muscle, but outlook downbeat

    The U.S. economy grew faster than previously thought in the third quarter, helped by exports and government spending, but a sluggish global demand and belt-tightenin...

  4. U.S. economy shows some muscle, but outlook downbeat

    The U.S. economy grew faster than previously thought in the third quarter, helped by exports and government spending, but a sluggish world economy and belt-tightenin...

  5. New York Slashes Time Insurers Have to Process Sandy Claims

    New York Gov. Andrew Cuomo put new pressure on the insurance industry following superstorm Sandy's devastating sweep through the state, unveiling a rule Thursday tha...

  6. Hackers Steal Data on 1M Nationwide Customers

    Nationwide Mutual Insurance said Wednesday it was the subject of a cyber attack resulting in compromised information for one million individuals. Spokeswoman Elizabe...

  7. Strong new home sales brighten housing picture

    New single-family home sales surged in September to the highest level in nearly 2-1/2 years, further evidence the housing market recovery is gaining steam.The Commer...

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