Three days before he quit AIG, former Chairman and CEO Maurice “Hank” Greenberg gave his wife $2.2 billion worth of AIG shares. The news of the transfer of 41.3 million of Mr Greenberg’s holding of 43.5 million shares was revealed in an AIG document filed last week with the US Securities and Exchange Commission.

Not surprisingly, the transfer is a controversial one, especially as the document was filed at about the same time as Mr Greenberg was refusing to answer the questions of New York Attorney-General Eliot Spitzer, citing his right to avoid incriminating himself.

The 79-year-old, who built AIG over 38 years as CEO, is being investigated over his knowledge of financial reinsurance deals with General Re that allowed AIG to inflate its reported reserves in 2001/02.

Making it worse for Mr Greenberg is a Wall Street Journal report that Berkshire Hathaway Chairman and CEO Warren Buffett – whose company owns General Re – had already told the investigators he believes Mr Greenberg knew about the financial reinsurance deal and its lack of risk.

Mr Buffett said he “told them everything I know”. He has been assured by Mr Spitzer that he and Berkshire Hathaway are not targets of the investigation.

In other matters related to the investigations by regulators of various insurance arrangements by various companies:

• The California Insurance Commissioner has produced a policy calling for stricter commission disclosure by brokers and agents. The document also specifies the duties of agents and brokers, and requires them to tell the client on whose behalf they are acting.

• Mr Spitzer says more criminal and civil charges will be laid as a result of his insurance industry investigation.

• New York’s Acting Insurance Superintendent, Howard Mills, says insurance company CEOs will in future have to swear that their accounting for reinsurance deals is genuine. Calling the new rule a “tough, necessary step that will restore confidence to the regulatory process”, he said any insurers who protest “may have internal problems they need to address”.