AIG Partied At The St. Regis Monarch Beach

Reader Comments (Page 1 of 1)

10-09-2008 @ 2:22AM

Tony Kondaks said...

Anyone in the insurance business is familiar with these junkets…and they are completely the opposite of what you were led to believe in the press:

1) they are NOT for AIG executives; they are for independent agents.

2) The independent agents are NOT employees of AIG but are, as the name implies, independent agents who receive 1099’s at the end of the year, NOT 1040’s. In all likelihood, the agents represent 5-10 other insurance companies (assuming they are not captive agents, which is very rare in the insurance industry these days).

3) The St. Regis trip is a common incentive type trip that agents compete for: they have to produce a certain amount of business in a year in order to qualify. Virtually every single insurance company in the United States does it.

4) The trip was probably set up 6-12 months ago. It was an OBLIGATION on the part of AIG to provide these agents with the trip.

5) To renege on this obligation that AIG had towards these independent agents would be TANTAMOUNT TO NOT PAYING THEIR ELECTRICITY BILL.

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