Questions & Answers > General (22 entries)
The following questions and answers are provided to the general public for informational purposes only. They are not legal documents and do not bind the Segregated Account of Ambac Assurance Corporation, the Office of the Commissioner of Insurance, or the Rehabilitator to any position or interpretation of the rehabilitation court's orders in these proceedings, now or in the future. Interested parties should review the court documents available on this site and consult their own legal counsel with any questions they may have regarding any effect this rehabilitation proceeding may have on their legal rights and obligations.
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The Ambac Board of Directors voted to create a Segregated Account and consented to Rehabilitation of that account by the Wisconsin Commissioner of Insurance. Under Wisconsin law, the Segregated Account is ...
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AAC is incorporated in Wisconsin. As such, OCI is AAC’s primary insurance regulator. Wisconsin law treats any segregated account that AAC establishes as a separate, Wisconsin-domiciled insurer that is also subject ...
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Rehabilitation is a proceeding whereby an insurance regulator, with court approval, takes control of a troubled insurer in order to protect the interests of policyholders, creditors, and the public by maximizing ...
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No. Both AAC and the Segregated Account will continue to operate. The Segregated Account will operate under the terms of the Order for Rehabilitation and, upon approval by the rehabilitation court, ...
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Ambac Financial Group, Inc. (AFGI) shareholders are not addressed under this Rehabilitation process. This Rehabilitation concerns the Segregated Account.
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OCI has been actively monitoring the financial condition of AAC, including the policies that were allocated to the Segregated Account. Through its careful, increasingly time-consuming evaluation, and after weighing a number ...
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Based upon OCI’s petition and the consent of the Ambac Assurance Corp. Board of Directors, the court authorized the rehabilitation of the Segregated Account and issued the Order of Rehabilitation on ...
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OCI has imposed a temporary moratorium on claims payments to Segregated Account policyholders until such time as the Plan of Rehabilitation is finalized and presented to the rehabilitation court. At present, ...
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AAC continues its present operations, including timely payment of claims.
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The Segregated Account was established to segregate certain of AAC liabilities. The Petition for Rehabilitation is discussed below. The Segregated Account holds many of the policies against which there are significant ...
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What criteria were used for determining which policies would be allocated to the Segregated Account?Maximization of claims-paying resources and equitable treatment of all policyholders were the primary considerations. Certain books of business with substantial near-term projected loss impairments were allocated to the Segregated Account, along ...
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Policies insuring residential mortgage-backed securities and certain other identified policies have been allocated to the Segregated Account. This site includes a list of all policies allocated to the Segregated Account . ...
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AAC has issued a secured note and an aggregate excess-of-loss reinsurance policy to the Segregated Account in order to pay policyholder claims. It is anticipated that Segregated Account policyholders will receive ...
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Yes. The rehabilitation court granted an Order for Temporary Injunctive Relief that applies to the policies and liabilities allocated to the Segregated Account. Due to the complex nature of the credit ...
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OCI has implemented a temporary moratorium on claims payments to Segregated Account policyholders to provide a measured transition into rehabilitation and to conserve claims-paying resources while the Plan of Rehabilitation is ...
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A detailed list of policies allocated to the Segregated Account is included in the proposed Plan of Operation. For additional questions about how these actions may affect your policy, ...
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The Petition for Rehabilitation was filed with the Dane County Circuit Court. Pursuant to a standing order of the Dane County Circuit Court relating to proceedings under Wisconsin insurance law, the ...
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AAC has not written a meaningful volume of financial guarantee business since November 2007, and no new business in 2009 or 2010. That is not expected to change for the foreseeable ...
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All costs will be borne by the Segregated Account, which is supported by the secured note and reinsurance policy from AAC . Taxpayer money is not being used to cover the ...
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Installment premiums still need to be paid in order to continue coverage under policies allocated to the Segregated Account. There are no changes to how you make your premium payments.
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While certain policies have been allocated to the Segregated Account, AAC 's General Account will continue to administer the policies, including collecting premiums. Any installment premiums received by AAC's General Account ...
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There will be no further allocation of policies from AAC's General Account to the Segregated Account, with two limited exceptions. First, policies related to credit default swaps of certain financial institutions ...