The New York Insurance Department said it has hired Centerview Partners Holdings L.L.C. to help it oversee the insurance subsidiaries of American International Group Inc. The National Association of Insurance Commissioners (NAIC) set up a 50-state working group headed by New York to keep tabs on the insurance operations of AIG, after the firm’s financial problems forced to give the government a 79.9 percent interest in the firm in exchange for an $85 billion loan.

AIG’s CEO Edward Liddy said Monday the conglomerate would sell off units to pay off the loan and within seven to ten days he would identify properties that are for sale and perhaps the conclusion of some deals.

Late Friday afternoon, AIG issued a formal notice that it had entered into the agreement with the Federal Reserve.

September 30, 2008