American International Group’s near-collapse amid the financial crisis shows the need for coordinated U.S. insurance oversight, the Treasury Department’s Federal Insurance Office said.
AIG, recipient of a 2008 government bailout, demonstrated that none of its various regulators was able to supervise the company as a whole, the FIO said Friday in a report. The federal government should complement the existing state-based regulatory system rather than replace it, the FIO said.
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