NY regulator tells insurer to cease because of low capital
New York's insurance regulator has told bond insurer Financial Guaranty Insurance (FGIC) to suspend paying claims because it is below the state's minimum capital requirements, Reuters reports.
The order comes four days after FGIC filed its quarterly statement with the New York Insurance Department, which showed that it had a deficit of $865.8m at the end of September.
FGIC must show how it would restore capital to the New York insurance superintendent no later than 5 January.
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