AIG policyholders, be wary of pitches to replace your AIG policies with coverage from other companies. It's a move that's not just unnecessary but potentially very costly, according to the New York State Insurance Department.

The department recently told consumers recently to ignore salespeople claiming that they needed to replace their AIG policies because the company was in trouble and unable to pay claims. “That is not only untrue, it is against the law," said Insurance Superintendant Eric Dinallo. Click here for Dinallo's statement.