Regulating Credit Default Swaps as Insurance: Gone, But Not Forgotten

Although New York State Insurance Superintendent Eric R. Dinallo decided to “delay indefinitely” his plan to regulate an important chunk of the credit default swaps (CDS) market as insurance contracts, the agency’s original policy proposal may well be used as a blueprint in wider efforts by federal regulators to reform the CDS market.  We explain the mechanics of the proposal and detail provisions that may reappear in future legislation or regulation.

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