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Questions & Answers > General > What are the next steps in the court-supervised rehabilitation of the Segregated Account?

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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Based upon OCI’s petition and the consent of the Ambac Assurance Corp. Board of Directors, the court authorized the rehabilitation of the Segregated Account and issued the Order of Rehabilitation on March 24, 2010. OCI must next finalize its Plan of Rehabilitation and file it with the court for approval. Once OCI files the plan, the court will schedule a hearing to consider its approval. Once the plan is approved, OCI will implement the plan. OCI currently anticipates that the plan will be approved approximately six months after the filing of the petition on March 24, 2010. Please check ambacpolicyholders.com for updates.

Last updated on April 8, 2010 by Ambac Policyholders Administrator