NEW YORK (CNN/Money) - American International Group hasn't uncovered a need for a third restatement of earnings but the company won't rule out the possibility of another restatement in the future, the company's top executive said Tuesday.

Speaking on the company's third-quarter earnings call with industry analysts, AIG chief executive Martin Sullivan, said "right now we're not aware of any issues that would require restatements" but said efforts will continue until AIG "is comfortable that all material weaknesses have been remediated."

AIG, the world's largest insurer by market value, reported late Monday that third-quarter earnings tumbled to $1.7 billion, or 65 cents a share, from a restated $2.69 billion, or $1.02 a share a year ago. AIG originally reported third-quarter income of $2.51 billion in 2004 but in its first restatement earlier this year, the company lifted that to $3.23 billion.

AIG (down $0.38 to $67.12, Research) fell about 0.7 percent in morning New York Stock Exchange trading.

AIG said third-quarter results were impacted by Hurricanes Katrina and Rita, which struck the Gulf Coast in August and September, and other catastrophes which cost the company nearly $1.6 billion. The company expects to incur a $400 million after-tax loss in the fourth quarter due to the effects of Hurricane Wilma.

The company's adjusted net income -- excluding realized capital gains and other items -- was 68 cents a share compared with 89 cents a year ago. Analysts surveyed by earnings tracker Thomson First Call expected earnings of 78 cents a share.

AIG had delayed its third-quarter filing after errors resulted in an understatement of previously reported earnings of about $500 million. Last week the company said it had restated its annual financial statements from 2002 through 2004, as well as selected consolidated financial data for 2001, 2002 and quarterly data for 2004 and the first half of this year.

Earlier this year, AIG restated five years of earnings for improperly accounting for certain reinsurance deals as insurance rather than loans -- a decision that reduced AIG's net by over 10 percent over the last five years.

Former chief executive Maurice "Hank" Greenberg, who was forced to resign from the company he led for almost four decades in the wake of the scandal, lambasted the restatements and said he stood by his original accounting.

During Tuesday's call, company executives said AIG is still implementing new accounting systems to identify potential errors and hopes to complete the process by the time the company issues its 2005 financial results.

Sullivan also said a number of current and former employees have received so-called Wells notices from the SEC but assured analysts that none of the individuals that received them were senior corporate officers. He declined to comment further on the issue.

Sullivan said the company continues to cooperate with regulators and is "engaged in a constructive ongoing discussion with them."

Paul Newsome, senior insurance analyst at A.G. Edwards, said the report had no major surprises, which he called positive, but noted that investors are looking ahead to the fourth quarter for signs that the company is on the road to recovery after the accounting scandal earlier this year.

As for the impact of the barrage of devastating hurricanes this summer, Sullivan said the company has seen less reinsurance coverage offered, which translates to higher rates. He said the company will look at the cost of reinsurance going forward and determine what type to buy. Reinsurers insure insurance companies.

He said he didn't expect the reduced reinsurance capacity to have a major impact on AIG and deflected questions about the company's plans to transfer higher costs to consumers, stating only, "We like to price products to generate underwriting profit."

Newsome said the industry expects "substantial rate increases" and expects that AIG "will do its very best to pass along those rate increases" to consumers.

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