|AIG’S AMERICAN INTERNATIONAL COMPANIES INTRODUCE LIABILITY PROGRAM FOR TRUSTEES OF UNION PENSION AND WELFARE BENEFIT PLANS|
|NEW YORK, June 27, 2000 - American International Group, Inc. (AIG) has announced that the American International Companies have introduced liability insurance coverage to address the exposures of union trustees, directors, officers and employees responsible for managing union pension and welfare benefit plans.* Plan Trustee Protector provides fiduciary protection for plan trustees who face broad liabilities under the Employee Retirement Income Security Act (ERISA) of 1974.|
“Traditionally, fiduciary liability insurance does not address urgent exposures, contains a number of exclusions, and leaves plan assets and the personal assets of union trustees vulnerable,” said John Keogh, President, National Union Fire Insurance Company of Pittsburgh, Pa., an AIG member company. “Plan Trustee Protector addresses these gaps and offers union plan trustees extensive fiduciary coverage that is tailored to unique and special needs.”
The policy offers coverage for the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985, the Health Insurance Portability and Accountability Act (HIPAA) of 1996, the Newborns' and Mothers' Health Protection Act of 1996, the Mental Health Parity Act of 1996, and the Women's Health and Cancer Rights Act of 1998. Plan Trustee Protector also does not exclude claims arising from allegations of criminal activity or fraudulent acts, benefits eligibility, receipt or non-receipt of benefits, and failure to maintain insurance.
Plan Trustee Protector also offers litigation management support when a claim occurs. Insureds have access to the American International Companies' ERISA Panel Counsel, composed of experienced law firms located across the nation. Insureds maintain absolute right to participate in their defense, and the American International Companies will automatically advance defense costs.
Plan Trustee Protector is part of The Gold Package, which includes Directors and Officers Liability, Professional Liability, Employment Practices Liability, ERISA Liability and Crime Coverages offered by the American International Companies.
For more information about Plan Trustee Protector, contact a broker; a local American International Companies office; Rhonda Prussack, 212/458-1424, firstname.lastname@example.org; or http://access.aig.com.
AIG is the leading U.S.-based international insurance and financial services organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write a wide range of commercial and personal insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG's global businesses also include financial services and asset management, including aircraft leasing, financial products, trading and market making, consumer finance, institutional, retail and direct investment fund asset management, real estate investment management, and retirement savings products. American International Group, Inc.'s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
* The above described coverage may not be available in all states, and the above description thereof is neither a complete description nor a complete list of all terms, conditions and exclusions. Note that certain terms used in the above are defined in the policy. Please see the policy for a complete description of its scope and limitation of coverage. Issuance of coverage is subject to underwriting.