In this wrap up of one of the most dramatic weeks in the history of the United States financial system, Mark Wahlstrom, the President of Wahlstrom and Associates and Jan Schlichtmann, the host of Voices of the Law, discuss whats next for AIG now that the government has stepped in with their $85 billion bail out.
The big questions for lawyers are, will AIG property casualty claims still be paid, should they fear not being able to settle claims during this takeover and liquidation phase, are the life company annuity contracts safe and what should the average consumer do if they have an AIG policy or contract.
While it is still a scary time, Mark is preaching calm regarding the safety and solvency of the AIG life insurance and property casualty companies. However, with that calm and optimism about the ability of claims to be paid, he is also preaching caution for lawyers and settlement professionals about opening up new cases and settlement files until the details of the buyout and sale of assets is better understood. There is no reason to panic, pull annuity bids, request funds back and other radical moves, but you also shouldn't be in a rush to start writing new business until the situation becomes more clear.
Listen in to one of the best industry insider voices about how to handle your AIG claim, structured settlement or litigation on a special edition of Speaking of Settlements.
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