AIG Puts 90-Day Delay On UK Money Withdrawal
As U.S. Insurance giant AIG managed to stay afloat with last minute bailout funds, their UK customers are being told they must wait at least 90 days before they can withdraw their money.
AIG is trying to reassure their customers not to panic as investors have already begun to withdraw their investments, according to This is London. The fledgling insurer is contacting policyholders to iterate their UK business division is not being affected while at the same time they make withdrawals difficult.
The American Investment Group is the largest insurer in the world and its UK business underwrites 12 million car and home insurance policies. However, due to recent market volatility the move to prevent customers from withdrawing their money is “in the interests of all policyholders invested in these funds”.
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