Regulation of Certain Types of Credit Default Swaps as Insurance
Thursday, October 2, 2008
8:00 a.m. - 8:30 a.m. PDT
10:00 a.m. - 10:30 a.m. CDT
11:00 a.m. - 11:30 a.m. EDT
4:00 p.m. - 4:30 p.m. BST
In a major departure from prior precedent, New York Governor David A. Paterson announced that the New York State Insurance Department would start regulating certain types of credit default swaps as insurance. Under this new regulatory approach, if the protection buyer under a CDS owns the underlying security on which it is buying protection, then the CDS will be treated as an insurance contract. Among other things, this means that only licensed financial guaranty insurance companies will be authorized to issue that type of CDS. This decision represents a dramatic change from the positions previously taken by the Department with respect to CDS transactions.
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