Tata-AIG holders need not worry: FM

The company’s two joint ventures with the Tata Group have assured insurance regulator that they have sufficient funds to meet all obligations.

Finance minister P Chidambaram allayed fears about any disruption of operations of AIG in India.

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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.”