In response to the New York insurance superintendent's inquiry into its derivatives activities prompted by its CEO's recent op-ed article, Allstate has provided an affidavit showing that it has been operating with full knowledge and approval of the state.
The document–signed by Mary J. McGinn, Allstate's vice president, secretary and general counsel–follows a demand for the information by Superintendent Eric Dinallo, who had asked Allstate's New York companies to "report immediately any inappropriate or unregulated use by them of credit default swaps."
Ms. McGinn, in her affidavit, said that all derivative transactions by companies in the Allstate group were done under a Derivative Use Plan (DUP) approved by the company board. DUPs for New York companies "have been filed with and approved by the New York State Insurance Department pursuant to New York Insurance Law…," she wrote.
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