|AIG COMPANIES INTRODUCE AIG PASSPORT(SM); NEW SERVICE FACILITATES PURCHASE OF GLOBAL DIRECTORS AND OFFICERS INSURANCE|
NEW YORK--Sept. 5, 2006--The AIG Companies today introduced AIG Passport(sm), an enhanced service process for corporate clients purchasing locally admitted directors and officers liability insurance to cover their international operations and subsidiaries.
AIG Passport provides customers with the opportunity to request from an AIG Companies' underwriter a global D&O program letter that details terms and conditions of the base D&O policy and one or more locally admitted policies, written in the local language and compliant with specific local laws and regulations. AIG Passport is available for international operations and subsidiaries in more than 75 countries and jurisdictions.*
"Globalization of executive liability risks and the desire for rigorous compliance on the part of multinational companies is fueling demand for locally admitted D&O policies," said Kristian P. Moor, AIG Executive Vice President, Domestic General Insurance. "AIG Passport, plus over 30 years of experience writing international D&O liability risks, has uniquely positioned us to meet that demand."
"The AIG Companies have provided admitted policies, in local languages and compliant with local laws and regulations, since the earliest years of the American International organization," said Nicholas C. Walsh, AIG Executive Vice President, Foreign General Insurance. "With operations in more than 130 countries and jurisdictions, the AIG Companies are without equal in providing customers with the products and services they need in an increasingly complex and global marketplace."
AIG Companies will underwrite and issue AIG Passport policies, as well as manage claims locally. AIG Passport service is available at inception or renewal for existing primary directors and officers liability insurance customers.
*In some countries and jurisdictions only non-admitted policies may be available. Consult your insurance broker and legal counsel to determine local requirements.
American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
Insurance is underwritten by member companies of American International Group, Inc. and is subject to underwriting approval. The description herein is a summary only. It does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for complete details of coverage and exclusions.