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2009 SESSION

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HB 2320 Financial Guaranty Insurance; established.

Introduced by: Robert G. Marshall | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Financial guaranty insurance.  Establishes requirements for the conduct within the Commonwealth of the business of financial guaranty insurance, which means a surety bond, insurance policy, indemnity contract, or similar guaranty under which loss is payable, upon proof of occurrence of financial loss, to the insured as a result of a payment default under a monetary obligation or a change in an interest rate, a currency exchange rate, or the value of specific assets or indices. Such business is made subject to supervision by the Bureau of Insurance. The measure is based upon New York's financial guaranty insurance article with revisions that address that article's shortfalls, including oversight of credit default swaps, as outlined in a September 2008 circular released by the New York Insurance Department that outlines standards to which the financial guaranty insurance business should adhere.


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