Insurance companies not honouring

Insurance companies not honouring new leaky condo warran.

Insurers say lack of maintenance by owners is source ofties: owners some problems.Some owners of recently built leaky condominiums say B.C.'s new Home Warranty Insurance program isn't working and that companies are unfairly rejecting their damage claims.Dave Ricketts, a principal with RDH Building Engineering in Vancouver, said the owners of some of the leaky condo projects built since 2000 that he's involved with are contemplating going to court after warranty companies refused their claims. "Some of [the warranty companies] are just putting their own interpretation on the claims and deciding what they think is covered and not covered and others are just saying, 'well, as an opening gambit, we're going to say we're denying everything.'"The new home warranties are provided by four authorized private-sector insurance companies and cover labour and material defects for two years, building envelope defects for five years and structural defects for 10 years. Claims denied

Construction lawyer John Mendes, who represents some of the owners, says claims for both leaks and other defects are being denied for a variety of reasons, including telling the owners the problems are their fault."Some aggressive positions are being taken by some of the warranty providers," said Mendes. "The response that we're getting back on some buildings is this is all maintenance and inadequate maintenance and really an owner-caused problem rather than a construction problem."But Ray Windsor, the president of one of the largest warranty providers, the National Home Warranty Group, said there's no merit to the homeowners' complaints. He admits there is sometimes disagreement about what the warranty covers, but says the system is working.The Homeowner Protection Office has not responded to request for an interview from CBC News, and B.C. Housing Minister Rich Coleman has so far refused to schedule an interview with CBC News

New Health Care

New Health Care Plan Nixes "Public Option"


Senate Proposal Mandates Health Insurance For Most Through Consumer Co-Ops And Medicaid. draft proposal in the Senate to overhaul the nation's health-care system would require most people to buy health insurance, authorize an expansion of Medicaid coverage and create consumer-owned cooperative plans instead of the government coverage that President Obama is seeking. The document, distributed among members of the Senate Finance Committee yesterday afternoon, addressed none of the funding questions that have consumed House and Senate negotiators in recent days. But it included an array of coverage provisions that were drastically scaled back from earlier versions, as lawmakers seek to shrink the bill's overall cost. The proposal, for instance, would reduce the pool of middle-class beneficiaries eligible for a new tax credit meant to make insurance more affordable.The absence of a "public option" marks perhaps the most significant omission. Obama and many Democrats had sought a public option to ensure affordable, universal coverage, but as many as 10 Senate Democrats have protested the idea as unfair to private insurers. In its place, the draft circulated yesterday outlines a co-op approach modeled after rural electricity and telecom providers, subject to government oversight and funded with federal seed money. Yesterday, Senate Finance Committee Chairman Max Baucus (D-Mont.) met with four Republicans, including Sen. Charles Grassley (Iowa), the ranking GOP member on the panel, along with two Democratic colleagues in an attempt to find bipartisan consensus. Baucus dubbed the group "the coalition of the willing." Meanwhile, in the House, Democrats are exploring a range of funding options, including a surtax on the rich and an increase in the payroll tax imposed on all U.S. workers. The list also includes new taxes on sugary drinks and alcohol, along with broader levies, such as a national value-added tax of up to 3 percent.The draft in the Senate committee spells out one possible solution: It would require employers to pay 50 percent of Medicaid costs for workers enrolled in the low-income program and 100 percent of the cost of health-insurance tax credits for eligible employees. Workers could forfeit employer coverage only if the cost exceeds 12.5 percent of their income. The draft, earlier reported on by washingtonpost.com blogger Ezra Klein, spells out four options for requiring employers to provide coverage, with exemptions for firms with up to 200 employees. It would fine individuals who do not purchase coverage, though certain groups, including Native Americans and undocumented workers, would be exempted.It also would loosen eligibility requirements for Medicaid, a proposal certain to alarm many governors who are grappling with budget crises.
Source; cbsnews.com

Obama's absence

Obama's absence note for girl.

GREEN BAY (Wisconsin) - TEN-YEAR-OLD Kennedy Corpus has a rock-solid excuse for missing the last day of school: a personal note to her teacher from President Barack Obama.Her father, John Corpus of Green Bay, stood to ask President Obama about health care during the president's town hall-style meeting at Southwest High School on Thursday. He told President Obama that his daughter was missing school to attend the event and that he hoped she didn't get in trouble.'Do you need me to write a note?' President Obama asked. The crowd laughed, but the president was serious. On a piece of paper, he wrote: 'To Kennedy's teacher: Please excuse Kennedy's absence. She's with me. Barack Obama.' He stepped off the stage to hand-deliver the note - to Kennedy's surprise. 'I thought he was joking until he started walking down,' Kennedy said after the event, showing off the note in front of a bank of television camera.'It was like the best thing ever.' The student at Aldo Leopold elementary in Green Bay already knew what she was going to do with the note: frame it along with her ticket to the event. She said she'd make a copy for her teacher.Kennedy said she had never seen President Obama before. 'He's really nice,' she said.

Adjust insurance.

Reforming health care : Adjust insurance involvement.

Lately, much is being made of the terrible state of health care in this country. Democrats say the government has to do something about it. Republicans claim the industry can police itself. During the recent presidential campaign, one voice had a particularly ironic ring to it: John McCain, the GOP’s Chosen One, claimed "market forces" would solve the problem, ignoring the fact that "market forces" caused the mess in the first place. This man who’s received government-administered care all his life warned of the terrible consequences of allowing bureaucrats to control health care. With no worries about his own access to health care, McCain wants insurance company execs to continue denying care to people who need it while receiving fat bonuses for performing that odious task.In the long run, the goal must be universal single-payer coverage. But as much as we want to kick those evil insurance companies out of the health-care picture, it won’t happen overnight. In the first place, it’s just not wise to tell an entire industry to simply fold up its tents and go away quietly. Such a move would create so much chaos that even the recent banking/auto scare would seem like an economic boom in comparison.Instead, Congress should pass reforms that squeeze so much profit out of insurance involvement that companies voluntarily drop out of that part of the business. That would give them time to adjust their business models and move personnel to other departments, minimizing any resulting layoffs. Insurance businesses have a lot of irons in many different fires (pun definitely intended). They’ll find other ways to use the resources they now focus on the medical industry.At the same time, Congress must establish a comprehensive government plan that is cheaper than private insurance. Such a policy would be so seductive that people will abandon insurance companies, hastening their decision to bail. You see, millions of people still believe private insurance is superior to government-administered care. That misconception is based on the fact that Medicare has so many holes that force beneficiaries to buy supplemental insurance to cover the gaps that were manufactured by meddling insurance lobbyists in the first place. Talk about a vicious circle!In the next installment of this series, I’ll discuss the reason Congress must take control of health care now, in spite of the pressure to let it go while they give attention to all the other problems the country is facing.

examiner.com

Kennedy bill would make.

Kennedy bill would make employers provide care.

WASHINGTON—Employers would be required to offer health care to employees or pay a penalty -- and all Americans would be guaranteed health insurance -- under a draft bill circulated Friday by Sen. Edward M. Kennedy's health committee.The bill would provide subsidies to help poor people pay for care, guarantee patients the right to select any doctor they want and require everyone to purchase insurance, with exceptions for those who can't afford to.Insurers would be supposed to offer a basic level of care and would be required to cover all comers, without turning people away because of pre-existing conditions or other reasons. Insurance companies' profits would be limited, and private companies would have to compete with a new public "affordable access" plan that would for the first time offer government-sponsored health care to Americans not eligible for Medicare, Medicaid or other programs.It all adds up to sweeping changes in how America's health care system operates and aims to achieve President Barack Obama's goal of holding down costs and extending health coverage to 50 million uninsured Americans.It's already been known that Kennedy's health committee was planning to pursue most of the concepts outlined in the draft of the bill, called the "American Health Choices Act." But it's the first actual bill language to circulate since Congress began working on Obama's health care overhaul.Congressional and interest groups officials cautioned that the language in the document was not final.The bill language became public on the eve of the kickoff of a national campaign to rally support for health care legislation that's being orchestrated by Obama's campaign team. Thousands of community events are scheduled around the nation Saturday where tens of thousands of people are supposed to discuss health care issues with their neighbors and create a groundswell for congressional action.Yet many hurdles remain. Republicans are strongly opposed to a new public plan, especially the way Kennedy's bill designs it. Under Kennedy's bill the "affordable access plan" would pay providers 10 percent over Medicare rates, which would make it cheaper for patients, but harder for private insurers to compete with. Private insurers fear such a construct would drive them out of business, and there's even division within Democratic ranks.That was underscored Friday in the House, as the liberal Congressional Progressive Caucus released a set of principles for how the public plan should operate that directly contradicted principles released Thursday by the Blue Dog Coalition of conservative Democrats.

Source;...boston.com

Unemployment Insurance

States’ Unemployment Insurance Funds Founder After Years of Poor Planning.

Today we're looking at how state unemployment trust funds are financed -- and how that contributed to the current crisis. A state worker points out phone numbers for unemployment insurance at the state unemployment and career office in San Francisco.It used to be, unemployment insurance meant a sturdy back and a jalopy big enough to fit the whole family. That changed in 1935, when the government started offering unemployment insurance, and states began to save when times were good so there was money to spend to help workers and stimulate the economy when times were bad.In all but a handful of states, it no longer works that way.Fourteen states have already run out of funds to pay unemployment insurance claims and taken out a total of more than $8 billion in federal loans to cover the shortfalls. At least 18 more states are in danger of exhausting their unemployment insurance trust funds.States with empty unemployment insurance trust funds have pointed to the severe recession as the cause for their plight, but a closer examination of their trust funds shows underfunding and poor planning as the main culprit. Instead of building up reserves during good years, legislatures in these states yielded to political pressure for high benefits and low taxes. The result: dangerously low trust fund balances. Now, states with bankrupt trust funds will have to increase taxes or cut unemployment benefits at the worst possible time -- during a recession. "This is not a very smart way to run a railroad, because you want benefits to be available quite freely when unemployment rates go up, and you don't want to raise taxes on employers during a recession," said Gary Burtless, an economics expert at the Brookings Institution. "There used to be rules most states abided by, but those standards kind of went the way of the dodo bird."When Holmes met with state officials in the past, he was especially critical of the U.S. Labor Department’s calculations that used the severe 1980s recession as a way to gauge how much money states should squirrel away, because he believed severe unemployment was a one-time effect of the collapse of U.S. manufacturing.

Source;propublica.org

June 8 insurance.

June 8 insurance phonebank.Get answers regarding life insurance.

TOLEDO, Ohio - FOX Toledo News helps you to learn more about protecting yourself with life insurance.As part of Dollars and Sense, we’re bringing in experts in all aspects of the economy to take your calls.Monday, June 8, FOX Toledo News First at Four will feature experts from Western Southern Life to answer your questions about insurance. Source;foxtoledo.com

A Move

A Move Toward Requiring Health Coverage.

One day after signaling a fresh willingness to consider taxing employer-sponsored health insurance, President Obama indicated yesterday a new openness toward a nationwide requirement that every American have health coverage.In his push to enact sweeping health-care reform legislation this summer, Obama previewed what could be the outlines of a compromise on two of the thorniest issues confronting Congress. He said he could support mandates on both individuals and employers to contribute to the cost of health insurance if the bill provides protections to certain small businesses and poor people."If we do end up with a system where people are responsible for their own insurance, we need to provide a hardship waiver to exempt Americans who cannot afford it," he wrote in a letter to top Senate Democrats.During the presidential primaries last year, Obama attacked then-Sen. Hillary Rodham Clinton's proposed individual mandate as a scheme to "go after people's wages." In the letter, however, he said he understands that key committees are "moving towards a principle of shared responsibility -- making every American responsible for having health insurance coverage, and asking that employers share in the costs." The approach tracks closely with a universal health program enacted in Massachusetts three years ago in which individuals must have coverage and businesses must either offer insurance to employees or pay into a state fund that provides coverage.In Massachusetts, individuals can receive free or subsidized care based on income. Obama also pledged -- without providing details -- to trim an additional $200 billion to $300 billion out of Medicare and Medicaid spending over the next decade. That would be on top of the $309 billion in Medicare reductions in his budget, though Congress has not embraced the specifics.

Source; washingtonpost.com

Sebelius plans.

Sebelius, DeParle ready to tackle health care overhaul.

Kathleen Sebelius and Nancy-Ann DeParle first met at the White House mess in 1997, during the battle for a patients' bill of rights to combat the constraints of managed care. The friendship they forged then could pay big dividends for President Obama now.Sebelius and DeParle are the tag team for Obama's most ambitious domestic policy goal: an overhaul of the nation's health care system, which eluded President Clinton in 1994. The two "working moms," in Sebelius' words, are charged with chaperoning a measure through Congress that's likely to cost more than $1 trillion. There's a natural alliance," Sebelius says of their relationship, built over a dozen years on topics ranging from the children's health insurance program to raising their own children. She came to Washington in late April after serving as Kansas' governor and insurance commissioner.DeParle has run Medicare and Medicaid, the mammoth government health programs for seniors, low- and middle-income families and people with disabilities.With Sebelius as secretary of Health and Human Services and DeParle as director of the White House Office of Health Reform, Obama has two field generals where he originally envisioned one: former Senate majority leader Tom Daschle, whose nomination was withdrawn because of unpaid taxes.

Source; usatoday.com

Obama looks to Congress

Obama looks to Congress to push ahead reforms.

US lawmakers face a slew of key debates before the August recess, urged by President Barack Obama to back his ambitious agenda with bills on healthcare reform and global warming, and the confirmation of a new Supreme Court judge.The US Congress was back in session Monday after a week's recess with a packed program in the coming weeThe Obama administration is counting on the House of Representatives to push through sweeping legislation on energy and the environment, as well as lay out the foundations for a comprehensive reform of the healthcare system, something that has bedeviled successive administrations for decadesks before the month-long summer vacation starts on August 3.Obama has also appealed to the Senate for a swift confirmation of his Supreme Court nominee judge Sonia Sotomayor, to replace retiring Justice David Souter.Sotomayer, 54, is set to head to Capitol Hill this week to meet with lawmakers, launching a confirmation process that could see her become the first Hispanic on the Supreme Court, and only the third ever woman top justice.Barring shock revelations, Sotomayor, who was raised in New York public housing by a single mother, is likely to win easy Senate confirmation, experts have said.Obama's Republican critics have so far shown only a meager appetite for a fight. And Republicans worry that overly hostile questioning could further alienate the party from Hispanic voters, who flocked to Obama in the 2008 White House race.In a letter sent Monday to Senate leaders and top members of the panel, former law clerks to Sotomayor offered their "enthusiastic and whole-hearted support" for her nomination saying her three-decade career "uniquely qualifies her for this position."Early work on the draft bill will be undertaken by the Senate Health Committee, which is chaired by Senator Edward Kennedy, a Democratic stalwart who has spent much of his career pushing for an overhaul of the healthcare system.

Source; google.com

Kennedy plans:

Kennedy plan to outline U.S. healthcare overhaul:

WASHINGTON (Reuters) - Democratic plans for revamping U.S. healthcare are taking shape, with Senator Edward Kennedy soon to announce a proposal which could form the core of the nation's new health system.Kennedy, a Democratic stalwart whose thinking is widely believed to track that of President Barack Obama on healthcare, is expected to unveil a plan in early June that will include both a new government program to provide medical coverage for all as well as a mandate that every American acquire some form health insurance

The two elements -- government insurance and mandatory coverage -- have been hotly debated as Obama seeks to begin radically transforming the $2.5 trillion U.S. healthcare industry by the end of the year.Kennedy, who has made medical coverage for the uninsured a goal of his four-decade career, outlined elements of the bill in a column published this week in the Boston Globe.The 77-year old senator said the proposed law would establish a "gateway" for people without insurance or those who wish to change insurers to compare prices, and he made clear a government-run plan will be one of the options available.Kennedy chairs the Health, Education, Labor and Pensions Committee, one of two Senate panels that have primary responsibility for crafting the final legislation.

Source;reuters.com

EU Solvency II rules to alter insurance policies in UAE.

Insurance companies in the UAE are gearing up to implement Solvency II capital adequacy rules approved by the European ParliamentThe rules will limit the amount of risk that insurance and reinsurance companies can undertake in relation to their capital bases. The rules are due to be implemented by 2012 and will set a new regulatory standard for insurance companies across the world. Industry sources said the rules could lead to major changes in the UAE.Many insurance companies in the Middle East are monitored by credit rating agencies such as Moody's and Standard & Poor's. As Dubai is trying to become a global financial centre, insurance companies here are watching the Solvency II developments clo,Many leading insurance companies, such as the American International Group (AIG) collapsed because they took on more risk than their capital bases could handle.The new rules are the industry's first response to the global financial crisis. Insurers have to demonstrate strong risk management practices that extend across their business decision-making processes at senior executive and board levels. "Solvency rules dictate how much capital insurers must hold in relation to their liabilities," Fareed Lutfi, Secretary General of the Emirates Insurance Association, told Emirates Business. "Companies have to balance their capital bases with the risk that they underwrite. An insurance company with Dh10 million of capital cannot insure a risk o"Members of the Emirates Insurance Association are advised to adjust their capital risk balance in line with the new solvency rules adopted by the Economic and Financial Affairs Council of the European Commission on May 5, 2009."f Dh40m.

Source;business24/7.ae

Anti-piracy conference.

An international conference is being held in Cairo to discuss the growing problem of piracy.

The meeting brings together experts in security, shipping and insurance as well as government representatives from 20 countries.At the same time, another anti-piracy conference is being hosted in London.It is a clear indication that concerns remain over the threat to shipping, not just in the Gulf of Aden, but in trade routes and waterways around the world. The latest figures from the International Maritime Bureau show that there have been 114 attempted attacks in the Gulf of Aden and off Somalia's east coast so far this year. Twenty-nine resulted in hijackings and 478 hostages were taken.The Cairo event is not officially sponsored by the Egyptian government, but is more a response from the private sector to the persistent attacks.They will discuss short-term solutions - such as improving security on board ships - as well as a host of longer-term policy proposals which they hope will streamline the international response.For instance, several countries have suggested creating an international court to try suspected pirates.For now, procedures vary greatly between countries as to what they do with the pirates they capture. The broad message from the conference is that piracy affects all of us. In the past year, the insurance premiums for ships passing through the Suez Canal have soared - a cost that must eventually be passed to the consumer.Source;bbc.co.uk

Senate to debate ethicsreform bill.

BOSTON, MA (AP) - The Massachusetts Senate is preparing to debate changes to the state's ethics laws.The House already has passed a bill that would increase the penalty for bribery to $100,000 and 10 years in prison, and bar lobbyists from giving any gifts to public officials.The Senate plans to take up the debate on Thursday. Senate Republicans say an ethics bill proposed by Gov. Deval Patrick doesn't go far enough.Patrick has pressured lawmakers to deliver a series of reform bills to his desk, including transportation, pension and ethics measures.Patrick has said he'll veto any broad-based tax increase unless the reform bills are passed first.Senate leaders have left the door.open for a tax increase to help balance the budget.

Source;wwwlp.com

Insurance drags Saudi index.

Insurance stocks dragged the Saudi index lower as investors cash in some of this year's stellar gains.

Twelve of Saudi Arabia's listed insurers fell by more than eight percent, extending Sunday's losses.These included Malath Cooperative Insurance and Reinsurance Co and Arabian Shield Cooperative Insurance Co, which have both fallen by a fifth over the past four sessions.Arabian Shield is still up by around 100 percent so far this year, with many other insurers making similar advances and the biggest gainers, such as Sabb Takaful, have more than tripled in value in 2009.The bubble has burst," said Hesham Abo-Jamee, Bakheet Investment Group head of asset management."This was pure speculation and investors are now selling up."These losses are weighing on the Saudi index, which slid 2.4 percent to 5,911 points as the blue chips also retreat, with Samba Financial Group dropping 3.7 percent.But the index's slump was unlikely to continue for more than a couple of days, said Abo-Jamee, as it is supported by a robust economic outlook for the economy of the world's largest oil exporter."Banks should see profit growth of between 10 and 20 percent in the second quarter and improving oil prices will boost private and public sector revenues," he added.Dubai's index ended lower, dragged by Emaar Properties, which fell 2.4 percent following Sunday's double-digit surge.Stocks across most sectors retreated, with Deyaar falling 3.1 percent, Arabtec down three percent and Dubai Islamic Bank losing 1.3 percent."There's no reason for the gains and losses of the past couple of days," said Ayman el-Saheb, Darahem Financial Brokerage director of operations.

Source; arabianbusiness.com

FBD Insurance Rás - Stage 8

FBD Insurance Rás - Stage 8.

British rider Simon Richardson took his biggest professional victory today when he won the FBD Insurance Rás in Skerries. The Rapha Condor rider was delayed due to a crash inside the final three kilometres but, as per UCI rules, all the riders affected were given the same time as the stage winner.Regardless of that, Richardson had a very comfortable cushion over runner-up Mads Christensen (Denmark Designa Kokken), starting the day two minutes and 49 seconds clear of him and a further thirteen seconds up on Jan Barta (Austria Arbo KTM Junkers). Richardson's Rapha Condor team controlled things and no breakaway group succeeded in gaining significant time during the 150 kilometre race from Clara. In the stage itself, quadruple Tour de France stage winner Jaan Kirsipuu (Norway Giant Veolia) took his second stage victory of the race when he won the big gallop to the line.He beat Niko Eeckhout (Ireland An Post M. Donnelly Grant Thornton Sean Kelly) and Ian Wilkinson (Britain Halfords Bike Hut) into second and third. Russell Downing (Britain Candi TV Marshall's Pasta), Eeckhout's closest rival in the points classification, finished fourth meaning the former Belgian champion ended up winning that prize. Team-mate David O'Loughlin had a crash early on but recovered and successfully retained the pink jersey of the King of the Mountains. The Mayo rider finished tenth overall, two places behind the best-placed Irish competitor David McCann.The home riders had an aggressive showing on the stage, with both Brian Kenneally (Meath Engraveit.ie) and Mark Cassidy (Ireland An Post M. Donnelly Grant Thornton Sean Kelly) going on the attack in separate groups. While they were unable to stay clear, Kenneally had the consolation of winning the best county rider classification.

Insurance company can raise rates without state OK

Insurance company can raise rates without state OK

MOBILE (AP) — Allstate Corp. has begun selling homeowners insurance policies through a new unit that doesn’t have to get state approval to raise its rates.
Allstate has been dropping wind damage coverage from home policies in Mobile and Baldwin counties.
The new unit, North Light Specialty Insurance Co., is a lightly regulated surplus lines company. Surplus lines policies are written by companies not licensed by the state.
Illinois-based Allstate blamed the Alabama Insurance Department’s refusal to allow some desired rate increases when it ended wind coverage for up to 9,150 homes in Mobile and Baldwin counties starting in September 2008.
The state said its actuaries couldn’t justify what Allstate wanted to charge.

Source; dothaneagle.com/

Phelps Losws Again at Charoltte.

Phelps Loses Again at Charlotte.

Phelps was beaten again at the Charlotte UltraSwim, losing to French star Frederick Bousquet in the 100-meter freestyle Sunday night.
Phelps touched nearly a full second behind Bousquet, world-record holder in the 50 free, after losing his first final in nearly a year the previous night. Aaron Peirsol beat Phelps in the 100 backstroke.
Bousquet went out strong, ensuring he had a big enough lead to hold off Phelps at the end — even as the winningest Olympian ever experimented with a new straight-arm stroke that is supposed to provide more speed.
The Frenchman touched in 48.22 seconds, while Phelps never really had a chance and finished second in 49.04.
"The biggest thing that killed me were my turns and my finishes," said Phelps, who holds the American record in the 100 free at 47.51. "I'm not disappointed with that time, but the finish was awful. There's small things I need to work on. But overall, it was a good meet."

Source; abcnews.go.com/sports.

AIG Getting the Message on Cortorate Jets?

AIG Getting the Message on Corporate Jets?

Insurance Giant Sells Two Jets, 'Setting an Example for Other Bailout Companies'

In a sign that citizen outrage is beginning to have an impact, embattled insurance company AIG has sold two of its luxury corporate jets in the last two months and cancelled delivery on two aircraft, company officials tell ABC News. AIG has received around $180 billion in taxpayer bailout funds.

"As part of a comprehensive expense reduction plan, AIG has dramatically reduced airplane usage and sold several aircraft," said AIG spokesperson Joe Norton.
AIG sold two jets in its corporate air fleet in the last two months, a Dassault Falcon 900EX and a Falcon 2000EX EASy. It has also cancelled a 2010 order for a Dassault Falcon, and was able to transfer the sale of another Falcon to a third party, according to Norton. Norton says the use of corporate jets at AIG is down about 70% from last year.

Source; abcnews.go.com

Launches IPO

AIG Launches IPO Process for Asia Crown Jewel.

HONG KONG (Reuters) - AIG is to speed up plans to list its Asian subsidiary through an IPO that could raise more than $4 billion, as the bailed-out U.S. insurer seeks to raise cash to pay back government loans.
The IPO would help AIG repay some of the $180 billion the U.S. government has plowed into what was once the world's biggest insurer, and allow the profitable Asia life insurance subsidiary, American International Assurance Co Ltd (AIA), to break from its ailing parent.
The at least $4 billion initial public offering, based on targets set by AIG executives, would make it the largest Hong Kong IPO since China Citic Bank Corp <0998.hk> raised $4.2 billion in April 2007, according to Thomson Reuters data.
After AIG failed to sell a large stake in AIA earlier this year, the insurer said it would continue to try and seek a buyer or an IPO. A statement on Monday was the first official sign from AIG that steps toward a listing are underway.

Source; abcnews.go.com