CAS In Focus: Government In Insurance Seminar 2010
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Credit Default Swaps — Insurance or Not?
Track
:
Sessions
Program Code:
GNI-2
Date:
Monday, October 4, 2010
Time:
3:00 PM to 4:15 PM
EST
Location:
Mystic A
PANELIST
(S):
Ellen P. Pesch, Partner and Head, Insurance and Financial Services Group Derivatives Practice, Co-Chair, OTC Derivatives Cross Practices Area Team, Sidley Austin, LLP
Michael P. Goldman, Partner and Co-Chair, Insurance and Financial Services Group, Sidley Austin, LLP
Description
This panel will provide an overview of Credit Default Swaps (CDS) as a mechanism for providing credit default protection and whether they can (or should) be recharacterized as insurance under state law. The panel will also discuss the historical view of why CDS have not been viewed as being "insurance" by insurance regulators, the more recent developments in New York to revisit the issue and the model “Credit Default Insurance” legislation adopted by the National Conference of Insurance Legislators (NCOIL). Finally, the panel will discuss the future regulation of CDS under the Federal financial reform legislation and the potential implications of CDS being regulated as insurance at the state level.