FGIC Announces NYSDFS Approval of CPP Upward Adjustment
Financial Guaranty Insurance Company (“FGIC”) today announced
that it had received notice from the New York State Department of
Financial Services (the “NYSDFS”) that, pursuant to and in
accordance with the terms of the First Amended Plan of
Rehabilitation for FGIC, dated June 4, 2013, the NYSDFS has
approved an increase of the cash payment percentage (CPP) of
permitted policy claims that FGIC is required to pay under such
Plan from the current 44.5% to 49.65%, effective October 27, 2021.
The 2021 Annual CPP Revaluation Notice, which is posted on the
Policyholder Information Center at
www.fgic.com/policyholderinfocenter/, provides additional
information concerning the 2021 CPP Revaluation.
FGIC is a New York stock insurance corporation and a wholly
owned subsidiary of FGIC Corporation. FGIC emerged from
rehabilitation on August 19, 2013, and is responsible for
administering its outstanding insurance policies in accordance with
the terms of the First Amended Plan of Rehabilitation for FGIC,
dated June 4, 2013. Please visit www.fgic.com.
version on businesswire.com: https://www.businesswire.com/news/home/20211013006183/en/
Investor and Media: Investor Relations: Winston Wohr +1
Press Relations: +1 212.312.2775