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Questions & Answers > General > Is AAC or the Segregated Account going out of business?

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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No. Both AAC and the Segregated Account will continue to operate. The Segregated Account will operate under the terms of the Order for Rehabilitation and, upon approval by the rehabilitation court, a Plan of Rehabilitation. Its liabilities and expenses will be paid by a secured note that was issued to it by AAC and backed by a reinsurance policy from AAC. AAC, meanwhile, will continue to operate outside the rehabilitation proceeding.

As stated in the Notice of Rehabilitation, policyholders and other claimants should continue to submit their notices of claims or similar demands for payment according to the procedures and requirements set forth in their policies or contracts.

Last updated on March 27, 2010 by Ambac Policyholders Administrator