AIG Fond de Pensii, the Romanian subsidiary of American Life Insurance Company, which is also part of US insurance giant American International Group, has been granted a license from the Romanian Commission for the Supervision of the Private Pension System to operate as a private pension fund administrator, managing the private pension contributions of eligible workers in Romania's new mandatory private pension system.
American Life Insurance Company (ALICO) president and COO, Joyce Phillips, said: We are pleased that the Romanian commission authorized AIG Fond de Pensii as one of the mandatory private pension administrators. We will begin enrolling pension contributors on September 17, 2007, the official starting date for the mandatory pension system. Experienced in markets throughout the world, ALICO is well positioned to contribute positively to economic growth and development in Romania and support the fulfillment of employees’ retirement savings needs.
ALICO has been providing life insurance products in Romania for almost 10 years, while AIG Romania Insurance Company, American International Group’s (AIG’s) property-casualty insurance company, has provided general insurance services to Romanian consumers since 1994.
AIG operates in more than 130 countries and jurisdictions, while ALICO conducts business globally in Japan, Europe, the Middle East, South Asia, Latin America, and the Caribbean, in more than 55 countries.