American International Group Inc.'s board is extending its tax asset protection plan by nearly three years.

Under an amendment adopted by the board, AIG extended the expiration of the plan to Dec. 14, 2019, from Jan. 8, 2017. The company originally adopted the plan in 2011, before approving a previous extension in January 2014.

The plan is designed to reduce the possibility that AIG will experience an ownership change by deterring anyone from becoming a 5% shareholder. The board plans to ask shareholders to ratify the amendment at the next annual shareholders meeting.