MUMBAI, Sept 16 (Reuters) - India's insurance regulator is investigating whether American Insurance Group Inc's (AIG.N: Quote, Profile, Research, Stock Buzz) financial crisis will have any impact on its two Indian insurance joint ventures, a senior official said on Tuesday.

AIG is the minority partner with India's Tata Group in two ventures, holding 26 percent each in Tata AIG Life Insurance Co Ltd and Tata AIG General Insurance Co Ltd.

"We are looking into the whole issue, assessing the impact, but as of now both the companies are complying with the solvency requirement," R. Kannan, a board member of the Insurance Regulatory and Development Authority told Reuters.

The solvency margin is the extent to which an insurance company's assets exceed its liabilities. Indian regulations require a solvency margin of 150 percent, and both of the joint ventures have margins well above that, he said.

Indian laws permit foreign firms to hold up to 26 percent in insurance firms.

AIG was thrown a $20 billion funding lifeline by New York state officials on Monday but its longer-term surival depended on additional funding, which will be hard to get as the global financial sector meltdown spreads.

On Monday, investment bank Lehman Brothers (LEH.N: Quote, Profile, Research, Stock Buzz) filed for bankruptcy protection while its rival Merrill Lynch (MER.N: Quote, Profile, Research, Stock Buzz) has agreed to be sold to Bank of America (BAC.N: Quote, Profile, Research, Stock Buzz) for $50 billion.