Finance minister P Chidambaram allayed fears about any disruption of operations of AIG in India.
The company’s two joint ventures with the Tata Group have assured insurance regulator that they have sufficient funds to meet all obligations. “We have received a full report from the Tata-AIG management. The Insurance Regulatory and Development Authority has spoken to them and got a report. I have spoken to the IRDA Chairman. The solvency margins are adequate,” he said.
Tatas, which owns 74% of the two AIG ventures, said both the companies “well capitalised and subject to local stringent capital and regulatory requirements.”