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  Why is VALIC safe and AIG not safe?

Answers:10   |   LastAnswerAt:04.10  

Question
visitor
Gerald M 
Asked at 2009.12.18 21:42:26
A responder said that VALIC is on a different side of AIG and therefore not to worry about taking your money out of VALIC. What makes VALIC safe? How is VALIC structured so that we should maintain confidence amidst the desperate attempts by AIG to "borrow from itself", including potentially borrowing from VALIC investment funds.
answer harriot  Answered at 2009.12.18 21:42:26
VALIC or AIG Retirement, as it is now called is a subsidiary of AIG Corp. AIG Corp cannot borrow from AIG Retirement/VALIC. The state of New York approved AIG to borrow from companies, but could not approve borrowing from VALIC. AIG Retirement/VALIC is a TEXAS company. It is highly regulated by the Texas Department of Insurance, which will not approve the borrowing of money from AIGR (or other AIG companies.) The customer's money is safe with VALIC. Hopefully, VALIC will be sold to another company... but fortunately, the government loan will allow the time for AIG to sell VALIC at a good price, instead of having to scramble to find a buyer... now they can find a quality company to buy VALIC.
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LaraAfif Answered at 2021.03.10 01:59:07
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LaraAfif Answered at 2021.03.10 02:00:54
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LaraAfif Answered at 2021.03.10 02:02:17
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ashimagupta02 Answered at 2021.04.10 04:15:35
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