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Questions & Answers > General > How does the OCI intend to proceed?

The following questions and answers are provided to the general public for informational purposes only. They are not legal documents and do not bind the Segregated Account of Ambac Assurance Corporation, the Office of the Commissioner of Insurance, or the Rehabilitator to any position or interpretation of the rehabilitation court's orders in these proceedings, now or in the future. Interested parties should review the court documents available on this site and consult their own legal counsel with any questions they may have regarding any effect this rehabilitation proceeding may have on their legal rights and obligations.

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OCI has imposed a temporary moratorium on claims payments to Segregated Account policyholders until such time as the Plan of Rehabilitation is finalized and presented to the rehabilitation court. At present, OCI anticipates that the Plan will call for a cash-note split for claims payments, with claimants receiving a specified percentage of their claims in cash and the remainder in the form of interest-bearing notes. OCI believes that this manner of claims payments benefits all policyholders by avoiding the need for untimely liquidation of presently undervalued or immature claims-paying resources in order to satisfy short-term liabilities. It also promotes the fair treatment of policyholders by conserving resources in order to satisfy short-tail and long-tail claims alike.

Last updated on March 27, 2010 by Ambac Policyholders Administrator