Rehabilitation (10 entries)

• What is the Plan of Rehabilitation?
  The Plan of Rehabilitation (the Plan) for the Segregated Account of Ambac Assurance Corporation (Segregated Account) is a document that details how holders of policies that have been allocated to the ...
• What does the Plan of Rehabilitation do?
  The Plan provides for the orderly run-off and/or settlement of the liabilities allocated to the Segregated Account. The Plan was confirmed by the Court on January 24, 2011. Holders of valid ...
• What is the Disclosure Statement?
  The Disclosure Statement provides information about the Plan and the Rehabilitation Proceeding. Unlike a disclosure statement and plan of reorganization submitted to a bankruptcy court under title 11 of the United ...
• How did the Rehabilitator determine that a 25% cash/75% surplus note distribution was appropriate?
  The decision to adopt a 25%/75% split was guided by the need to preserve sufficient cash to pay all valid policy claims, including those that exist today and those that may ...
• Can claim holders seek different treatment once the Plan is approved by the Court?
  No, the Plan provides the final treatment of claims against the Segregated Account, subject to changes approved by the Rehabilitator and the Dane County Circuit Court.
• The Rehabilitator is seeking a “No-action Letter” from the Securities and Exchange Commission. What is a “No-action Letter” and why is it needed?
  A “No-action Letter” from the U.S. Securities and Exchange Commission is needed to confirm that no enforcement action will be recommended to the SEC relative to the issuance of the Surplus ...
• When will the Plan become effective?
  The Plan will become effective as soon as certain conditions set forth in the Plan have been satisfied. A notice will be posted on the Web site advising of the effective ...
• Is the policyholder still responsible for paying installment premiums to AAC Assurance Corp. (AAC) on policies allocated to the Segregated Account?
  Yes, installment premiums must still be paid in order to continue coverage under policies allocated to the Segregated Account. There are no changes to how you make your premium payments.
• Will the Rehabilitator provide reports on the Plan?
  Yes. The Rehabilitator will provide to the Court an annual report on the plan no later than June 1 of each year.
• Will I have an opportunity to submit questions about the Rehabilitation Plan directly to OCI?
  Yes. Interested parties are invited to submit their questions about the Plan of Rehabilitation by filling out the form .