Here's a few questions:
1. Does AIG Auto Insurance still exist?
2. How long did 21st Century Auto Insurance exist?
3. If AIG Auto Insurance still exists, why did they switch me without asking to 21st Century?
4. Was AIG Auto Insurance getting bailout money? (21st Century says they aren't, but was AIG?)
5. How can a company switch its customers to another company without asking them?
6. Are the rates the same for all the customers?
7. Is this legal?
Here's their website. I don't see anything about their history, do you? How long have they existed? In the below letter, they thank me for my "continued loyalty and support". What continued loyalty and support??? Isn't this how the financial mess started? Selling things behind the scenes like mortgages??? Without asking or telling anyone???
Anthony J DeSantisPresident and CEO
March 27, 2009
Dear 21st Century Insurance Policyholders:
On behalf of all the employees of 21st Century Insurance and Financial Services (21st Century Insurance), I first want to thank you for your continued loyalty and support during these challenging times.
I would like to take a moment to address some items that have undoubtedly created a level of uneasiness and frustration for many of our customers. Because of the tremendous support and cooperation from the United States government and its taxpayers, our parent company, AIG, has been able to continue its operations as a world-class provider of insurance services. However, with this support comes a high-level of attention to all of AIG's activities.
It is important to clarify that although the insurance companies affiliated with the 21st Century Insurance brand are subsidiaries of AIG, they have not accessed or needed any of the Federal Reserve borrowings to fund their operations. Nor have they received any capital contribution from any AIG company to support their operations. 21st Century Insurance is an organization of 6,500 employees whose mission is to deliver outstanding value and service for your auto insurance needs – a mission we are striving to achieve every day.
The insurance companies affiliated with 21st Century Insurance, which underwrite and provide coverage under your policies, are financially strong and continue to deliver outstanding coverage, service and payment of claims to all of our customers. The assets of the insurance companies are protected by state laws for the benefit of policyholders.
Additionally, AIG recently announced the formation of a general insurance holding company called AIU Holdings, Inc. This move will help enhance and protect the value of those property and casualty companies for all its stakeholders. The organization will include the Commercial Insurance Group, Foreign General unit, and other property and casualty groups. 21st Century Insurance will also be part of this new, separate organization.
We genuinely appreciate your business. At 21st Century Insurance, we are focused on putting you, the customer, first, and we look forward to providing you with the great coverage and award-winning service that you deserve.
Sincerely,
Anthony J. DeSantis
Lawmakers and public officials in California, Ohio, South Carolina, Missouri, Washington and other states are attempting to crack down on the controversial practice known as payday lending. Payday loans are short-term loans or cash advances secured by a post-dated check. The annual interest rate for these loans can be as high as 400 percent, ten times the highest credit card rates. Today, it’s a $40 billion industry with more than 22,000 stores. We speak with journalist Daniel Brook about his Harper’s Magazine article, “Usury Country," and with Ginna Green of the Center for Responsible Lending.Usury Country: Payday Loans Pushing Millions of Middle Class Americans Deeper into Debt
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Usury Banking
