by John Darer® CLU ChFC MSSC RSP CLTC
The Kentucky Department of Insurance sent the following to agents licensed in the state on September 19, 2008:
We wanted to share some information with you regarding the recent turmoil in the market, particularly concerning American International Group (AIG). The Kentucky Department of Insurance has participated in numerous national conference calls with other regulators, including those in the lead states of New York and Pennsylvania. We have been assured that the insurance subsidiaries of AIG are solvent and able to pay claims. As a matter of fact, the insurance portion of AIG’s business will play a critical role in the solution to the financial problems of the company.
As the AIG story has unfolded, we have begun receiving reports of agents who are using this as an opportunity to contact AIG insureds with offers to replace coverage. We also have received calls from consumers who have been advised to take actions clearly not in their best interests.
We want to remind you of two statutes– 304.12-060 - Defamation (go to http://www.lrc.state.ky.us/KRS/304-12/060.PDF)......"
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