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Regulator OKs AIG unit's redomestication to Illinois

The Pennsylvania Insurance Department has approved AIG Property Casualty Co.'s request to redomesticate to Illinois.

Joseph DiMemmo, the deputy insurance commissioner of Pennsylvania, ordered the American International Group Inc. subsidiary to secure approval of the redomestication from the Illinois Department of Insurance. A certified copy of the approval must be given to the commissioner within three business days of receipt by the insurer.

The Pennsylvania regulator's order takes effect immediately and will be valid for one year from Nov. 26.

Six of the 12 members of AIGs combined U.S. property and casualty pool are already domiciled in Illinois: Insurance Co. of the State of Pennsylvania, New Hampshire Insurance Co., AIG Specialty Insurance Co., AIG Assurance Co., Granite State Insurance Co. and Illinois National Insurance Co.