In Singapore the head of AIA, the life insurance unit of American International Group has left the company it was revealed by the city-state’s central bank.

The resignation came after widespread customer fears over AIG’s financial health led hundreds of policy holders to gather outside AIA’s office to redeem their policies this week.

The Monetary Authority of Singapore stated that AIA Singapore’s executive vice-president and general manager had left with immediate effect, but there were to be no changes to its management.

Low Kwok Mun, MAS Executive Director for Insurance Supervision commented: “We are satisfied with the ability of the company to carry on business as usual and to meet new demands even when there are any changes in management.”

The central bank has tried to decrease the fears of policy holder this week.