AIG, Philamlife and Me

Last week, i received an email from my agent sharing with me the letter sent by Philamlife President Jose Cuisia Jr. and Deputy President Michel Khalaf. The letter is an assurance that my insurance policies from Philam Equitable Life Assurance Company that i purchased through the former EPCI Bank will remain unaffected as:

"The insurance policies written by AIG companies (such as Philamlife)are direct obligations of our regulated insurance companies around the world (in our case, Philamlife in the Philippines). These companies are well capitalized and are subject to stringent regulatory and capital requirements. These companies continue to operate in the normal course to meet our obligations to our policy holders."

The saga continue with the plan sale of Philamlife in which the President said that the financial issues pertaining to AIG Company will not affect the ability to pay claims and underwrite new policies. Philamlife has about 143 billion worth of insurance contracts with more than one million policyholders including me.