California state Insurance Commissioner Steve Poizner says he supports the federal bailout of insurance giant American International Group.
AIG owns 25 firms in California, but Poizner says California consumers shouldn't be too concerned the AIG crisis will affect their insurance plans…
Poizner: "The good news is that there's insurance protection laws already in place…that require each insurance company doing business in California to put aside cash reserves to pay off all legitimate claims that might come up…"
Poizner, who's running for governor, says the $85 billion federal loan AIG has received won't require any liens on its California companies.
He says monitoring the AIG restructuring plan will be the top priority.
