American International Group’s ousted CEO Maurice ``Hank’’ Greenberg will probably be forced to step down as the company’s chairman, analysts say. The question of how the US largest insurer will manage to survive without its longtime chief is still open.

The Securities and Exchange Commission tied up with the New York Attorney General to investigate the company’s accounting practices. Greenberg refused to help the probe and now may be ousted as AIG’s chairman in an attempt to save its reputation.

AIG already forced Greenberg to resign as the company’s CEO about two weeks ago. “The reputation of the company would suffer tremendous damage if Greenberg were allowed to take the Fifth and continue serving in such as important role. The harm to AIG would be less if from Greenberg," former federal prosecutor Christopher Bebel told the wire service.

AIG might restate as much as $3 billion as a result of as many as 30 insurance transactions, according to the Wall Street Journal.

Frank Zarb, former Nasdaq chairman and AIG board member, will assume the duties of chairman on March 30 or March 31 after Greenberg returns from a two-week trip to Asia and Europe.