New York State officials announced yesterday that some credit default swaps qualify as insurance, thus they will regulate those financial instruments beginning Jan. 1, 2009.
The announcement came from Gov. David A. Paterson and Insurance Superintendent Eric Dinallo.
New York's action by its Democratic executive branch is a reversal of policy. In 2000, when the insurance department was in the hands of Republicans, it ruled that all credit default swaps were not insurance.
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