NU Online News Service, Nov. 11, 3:23 p.m. EST
A policyholder group is criticizing the Wisconsin Office of the Commissioner of Insurance (OCI) for not protecting Ambac Assurance Corporation policyholders after the company's parent, Ambac Financial Group (AFG), announced it would declare Chapter 11 bankruptcy.
AFG is based in New York, but its principal operating subsidiary, Ambac Assurance, is domiciled in Wisconsin and under that state's jurisdiction. The OCI is currently involved in rehabilitation efforts with Ambac Assurance, which the policyholder group opposes.
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