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AIG ISSUES LETTER - OCTOBER 2008:
"With all the gloomy information concerning the state of our Nation's
economy, there has been much written about AIG's problems. AIG
International, the parent company of over 70 insurance companies, made
some poor investments in non-regulated "insurance" agreements with
investment banks. As a result of the worsening situation in the bundled
mortgage securities concept, AIG's very survival was at stake.
The United States Treasury Department finally stepped in and, in
effect, bought a major ownership share in AIG International, thereby rescuing
the parent company from a dire consequence.
The AIG-owned insurance companies, including National Union Fire,
Insurance Company of Pennsylvania, American Home Assurance and others,
were functioning quite nicely with profitable operations, plenty of
surplus capital and continuing to pay claims. In short, while the AIG
parent was in serious trouble, its subsidiary insurance companies were
doing-and continue to do-very well.
The object of this communication is to assure you-as we have been
assured by various State insurance departments including New York,
Pennsylvania and California-that your policy with an AIG-owned
insurance company is still in force. The company is continuing to pay claims and
return premiums, is well capitalized and managed and there is no hint
that this will change.
Also, keep in mind that there is a "guaranty association" in each
State-funded by the "admitted" carriers who sell insurance in that
State. The function of those associations (which might be compared to
the function of the FDIC in the banking industry) is to assure
policyholders that their claims will be paid should an "admitted
carrier" be taken over by the State's insurance department as a result
of insolvency.
Finally, we also want you to be assured that REGAL Aviation Insurance
continues to be an independent and aggressive broker in seeking the
best terms for our clients. We represent all of the companies using
independent agents. This is our 30th year as an aviation insurance
broker. We will not compromise our goal of providing you the best
representation possible.
We invite you to call us with your questions and comments. Thanks for
your continued confidence in our agency."
- Regal Aviation Insurance (ID)
WELCOME TO REGAL AVIATION!
Regal Aviation Insurance has provided pilots and aircraft owners with aviation insurance & aircraft insurance since 1986. We provide corporate aviation insurance, aerial application insurance, instruction and rental insurance, commercial aircraft insurance, charter insurance, helicopter insurance and more.
We are licensed to transact business in the following states:
Arizona, California, Colorado, Florida, Idaho, Montana, Nevada, North Dakota, Oregon, South Dakota, Utah, Washington, and Wyoming
As an agency policy, all Regal Aviation Insurance Customer Service personnel are licensed insurance agents. Regal Aviation Insurance requires all licensed agents to maintain a Resident Insurance License in the state where they are employed, and that each employee's license remains current through state mandated continuing professional education.
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