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Cablegate: Shanghai Authorities Also Demand Assurances From Aig

VZCZCXRO6657
RR RUEHCN RUEHVC
DE RUEHGH #0402 2631019
ZNR UUUUU ZZH
R 191019Z SEP 08
FM AMCONSUL SHANGHAI
TO RUEHC/SECSTATE WASHDC 7167
INFO RUEHOO/CHINA POSTS COLLECTIVE
RUEATRS/DEPT OF TREASURY WASHINGTON DC
RUCPDOC/DEPT OF COMMERCE WASHINGTON DC
RUEHGH/AMCONSUL SHANGHAI 7753

UNCLAS SHANGHAI 000402

SENSITIVE
SIPDIS

FRANCISCO FRB FOR CURRAN/GLICK; NEW YORK FRB FOR
CLARK/CRYSTAL/DAWSON
STATE PASS CFTC FOR OIA/GORLICK
CEA FOR BLOCK
USDOC FOR ITA/MAC DAS KASOFF, MELCHER AND OCEA/MCQUEEN
TREASURY FOR AMB.HOLMER, WRIGHT AND TSMITH
TREASURY FOR OASIA - DOHNER/HAARSAGER/CUSHMAN
TREASURY FOR IMFP - SOBEL/MOGHTADER
NSC FOR LOI
USTR FOR STRATFORD, WINTER

E.O. 12958: N/A
TAGS: EFIN ECON EINV PGOV PREL CH
SUBJECT: SHANGHAI AUTHORITIES ALSO DEMAND ASSURANCES FROM AIG

REF: SHANGHAI 399

(SBU) According to a Shanghai-based American International Group
(AIG) General Insurance Company China high level official, the
Shanghai Municipal Financial Service Office requested a detailed
status report on Thursday, September 18. The summons was lodged
a day earlier and came on the heels of the request for
accounting from the China Insurance Regulatory Commission (CIRC)
in Beijing on Tuesday September 16 (reftel). The official said
that Shanghai authorities were very concerned about the
viability of AIG China's operations. They were particularly
pointed in their questioning of AIG's coinsurance agreements and
any guarantees of support made between AIG China and other AIG
affiliates or subsidiaries outside China. Shanghai officials
initially demanded an immediate cessation of any such
cross-border arrangements and threatened to stop their
operations in Shanghai if they felt there was not enough
insulation between AIG China and AIG entities outside China.
According to the AIG official, Shanghai authorities in the end
were sufficiently satisfied with AIG China's September 18
explanation of the company's current operations and arrangements
in China.

CAMP

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