A I G...american general insurance

[Babebahn]

Hi Everyone:
I need some help! My structured settlement is with AIG/American General Insurance. With AIG recent loan (?) from the government, I wonder how long that will last.
My question is: Since my structured settlement is with this company which a get an annuity every month which I desperately depend on, what would happen if AIG screws up, will my settlement be terminated?
I looked at alll my paperwork and there is nothing that says anything about company closing or going bankrupt. I know I am panicking but no one seems to want to give me an answer. I even called my attorneys office and his assistant said she didn't know.
Any answers or advice will be helpful.
Thanks.

[tweety00]

aig the american national group is the one that was given money by goverment to keep it going

[Wink]

Babebahn Wrote:Hi Everyone:
I need some help! My structured settlement is with AIG/American General Insurance. With AIG recent loan (?) from the government, I wonder how long that will last.
My question is: Since my structured settlement is with this company which a get an annuity every month which I desperately depend on, what would happen if AIG screws up, will my settlement be terminated?
I looked at alll my paperwork and there is nothing that says anything about company closing or going bankrupt. I know I am panicking but no one seems to want to give me an answer. I even called my attorneys office and his assistant said she didn't know.
Any answers or advice will be helpful.
Thanks.

Babebahn,
I think the loan is for two years. If AIG defaults, then Uncle Sam will own them. So I think and hope that in that event Uncle Sam will take care of you and all those with such annuities.

Wink

[ace25]

Your settlement will be fine. The AIG deal is essentially a government takeover. The government gets 80% of AIG stock for its $85 Billion loan. The top management is being replaced, and the two year period is to give AIG time to restructure and sell off assets. After that time the gov't should get the money back, and shares will revert to private ownership.

[1171]

if the structured settlement provider defaults or is liquidated and unable to make payments, the liability reverts back to the original work comp carrier.

[Babebahn]

Thank you all for your responses! My attys office didn't where to find out anything.
1171...I hope you are right because it seems that when I left a message with work comp they still haven't returned my call.

I hope you are all right about this...I really depend on this money!

[stiffnecked]

If they go belly up we will all be in deep kimchee.

[borninabarn]

Hello,
My work comp carrier is also AIG.I asked him the same question and he said"Typically No,If you work for the same employer"So I think we are ok?In my shoes anyway because my last employer wont hire me back unless I am %100 and that wont happen.Attorneys say things in different ways anyway so they make it sound like either way? it could be good or it could be bad anything could happen?They play it safe I think in the safe zone.Born

[1171]

If the original carrier is no longer solvent then the state guaranty fund becomes the safety net. I don't know what happens if the state guarenty fund is no longer able to operate. In a crisis of that magnitude we'll all be eating at soup kitchens.

[borninabarn]

We are tired of Top Ramen!Oh what a country we have?Born