National Public Finance Guarantee Corp., an indirect subsidiary of MBIA Inc. (MBI), confirmed that the New York State Insurance Department has ordered Financial Guaranty Insurance Co. or FGIC to suspend paying claims as of November 24.
The NYSID has ordered to suspend paying claims as the FGIC is in violation of the state's minimum capital requirements, will not affect the status of National's coverage of the FGIC public finance policies reinsured by National.
National's coverage of the FGIC policies covered under the reinsurance agreement will remain in effect with any claims payable directly by National.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.