The new development is spelled out in a lawsuit AIG filed Friday in the New York State Supreme Court in Manhattan.
Obama signed expansion into law over the weekend; Sandy claims cited as cause for concern.
Legislation increases borrowing authority by one third, draws Republican ire and promises to take NFIP private.
Claims from superstorm to outstrip NFIP's borrowing authority.
There is strong evidence of a “grand bargain” being agreed to by Congress and the White House by year-end in order to avert a dramatic impact on the economy.
NFIP will likely need to go to Congress for additional borrowing authority to pay claims, insurance industry officials say.
Analyst says recent action by the Fed regarding MetLife and its bank implies the Fed may be rethinking the use of bank metrics.
The Financial Stability Oversight Council has started the clock on a six-month process for designating a non-bank as systemically significant.
Financial Stability Oversight Council was created to ensure systemic financial risks are quickly identified. GAO says more transparency needed to accomplish that.
American International Group is on the verge of becoming the first insurance holding company ever regulated by the Federal government.