New York's insurance regulator announced today that the state is implementing a three-point plan for the bond insurance market that was buffeted last week by rating agency actions.
State Insurance Superintendent Eric Dinallo said the goal is to attract more capital, stabilize the market and strengthen its regulation.
His statement came in the wake increasing bad news for three bond insurers last week. Fitch Ratings issued a financial strength downgrade of Ambac Assurance to "double-A" from "triple-A." Prior to that, Moody's Investors Service said it is reviewing the ratings of MBIA Insurance Corporation. Standard & Poor's Ratings Services has suspended its ratings on public finance and corporate transactions insured by ACA Financial Guaranty Corp. that do not have a public rating from S&P.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
