Danny Walkinshaw looks at the latest insurance stories online

The troubled American insurer AIG was the talk of insurancetimes.co.uk again last week, with the news from New York that Edward Liddy, its chief executive, was taking a huge pay cut.

Liddy, who took over at the insurer in September, will work for $1 and no bonus until the start of 2010.

Other AIG executives have also had restrictions placed on their salaries.

The move follows recent criticism of the insurer for its lavish spending, including sending staff to luxury resorts, particularly in the wake of its multi-billion-dollar government bailout.

This latest statement has sent a clear message that the buck stops here. Just one question: how will Liddy spend his $1?

Visitors to insurancetimes. co.uk can now watch a video interview with Hank Greenberg, the former AIG boss, provided by AmBest.

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Online top 5

The five most read stories at insurancetimes.co.uk this week

  • AIG chief to work for $1 until end of 2009

Liddy forgoes salary and bonuses

  • Norwich Union to revamp Club 110

All change as club passes £400m GWP mark

  • FSA bans agents for illegal trading

Stephen Fryett and Richard Baines are punished as FSA hands out second ban of the week

  • RSA Announces new managements line-up

Jon Woodman departs

  • Capita to offload legal expenses arm

Sixty-two jobs under threat at Colchester office