Declarations – East

AIG Will Not Sue Gov’t

“AIG will NOT move forward with Starr lawsuit against government or NY Fed, continues to thank America for support.”

—A Jan. 9 tweet sent from AIG’s official Twitter account. AIG’s board decided not to join a lawsuit against the U.S. government over the terms of the company’s bailout, following days of backlash from the public over the prospect. AIG had been weighing whether to join a lawsuit filed by its former chief, Hank Greenberg, and his company Starr International, which owned 12 percent of the insurer before its 2008 rescue.

Sand Dune Projects

“That’s extremely selfish and short-sighted. We’re looking at ways we can place requirements, legally, to make sure these dune systems are built.”

—N.J. Gov. Chris Christie’s comment on some oceanfront property owners who are blocking protective sand dune projects. Gov. Christie used a dune reconstruction project at Bradley Beach as a backdrop for his remark on Jan. 14. Bradley Beach had protective dunes prior to Sandy and the town came through the storm in better shape than many of its neighboring towns that didn’t have such dunes.

Reverse Rate Evasion

“The Office of the Insurance Fraud Prosecutor has documented a growing trend of New Jersey residents insuring in North Carolina and Pennsylvania to avoid higher insurance rates.”

—N.J. Assemblyman Wayne DeAngelo on “reverse rate evasion” where drivers misrepresent their state of residence or the principal garage location of their insured vehicle, in order to get cheaper rates from another state. The N.J. Assembly’s financial institutions and insurance committee recently green-lighted a bill sponsored by DeAngelo that would classify reverse rate evasion as a form of insurance fraud.