What’s new: In brief (October 04, 2004)

AIG may face civil charges by the U.S. Securities Exchange Commission (SEC), the insurer has disclosed. SEC may recommend civil action against the insurer for press releases issued in late September in response to initial recommendations by SEC staff that a division of the insurer face civil action over dealings between its AIGFP operation and PNC Financial. The SEC notification says the press releases by AIG were “false and misleading”, with the insurer saying such allegations are unfounded.

The 2004 Florida hurricane season has claimed its first insurer victim, with news of the rehabilitation order for American Superior Insurance Co. The company writes a large book of Florida property coverage, and was hard hit by the back-to-back hurricanes. The Florida Financial Services Department is to handle the settlement of outstanding claims.

A two-day Captives conference is set for October 27-28 in Toronto, hosted by Strategy Institute. Speakers represent a variety of domiciles, including Barbados, Vermont, British Virgin Islands and B.C. Among the topics will be captive management, tax strategies, self-insurance and reinsurance. For more information, visit www.strategyinstitute.com.