NU Online News Service, Jan. 27, 2:22 p.m. EST
The Wisconsin Office of the Commissioner of Insurance (OCI) said its plan to rehabilitate Ambac Assurance Corp., a Wisconsin subsidiary of New York-based bond insurer Ambac Financial Group (AFG), has been upheld by a circuit court judge.
The OCI said its plan for Ambac Assurance received approval from Dane County Circuit Court Judge William D. Johnston. The OCI said Judge Johnston "found that the plan satisfied all applicable requirements of Wisconsin law. Judge Johnston also found that the plan is more favorable to policyholders, creditors and the public than any of the alternative regulatory options."
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