The American International Group of Companies has introduced AIG Passport for Pension Trust Liability, or PTL, a service for US- or Canada-based multinational companies to facilitate purchasing locally admitted PTL insurance to cover international operations and subsidiaries.
According to the company, AIG (American International Group) Passport for PTL delivers the same AIG Executive Liability coverage to protect directors, officers and employees who are named in a lawsuit stemming from allegations such as imprudent plan investment or errors in plan administration.
Foreign PTL policies written through AIG Passport are issued by the locally licensed AIG Company, in compliance with local laws and regulations. Claims are handled by local AIG claims examiners, who are supported by a home country claims management team. AIG Passport for PTL is available for new and renewal business.
All products are written by insurance company subsidiaries of American International Group. Coverage may not be available in all jurisdictions and is subject to actual policy language. Non-insurance products and services may be provided by independent third parties.
Rhonda Prussack, executive vice president and fiduciary liability product manager of AIG Executive Liability at AIG, said: Worldwide, huge segments of the population are nearing retirement. At the same time, benefits are being cut and losses are mounting in retirement plans, triggering a rise in litigation. Because individuals who manage these plans can be held personally liable to restore losses to the plan, it is crucial for fiduciaries with global interests to retain PTL coverage.