I am pleased to be here today on behalf of NCOIL to discuss draft legislation titled the 'Derivatives Markets Transparency and Accountability Act of 2009.'
I think we agree that a group of states together in either compact or with model legislation would come up with a national standard that cou...
I certainly don't dispute the fact that credit default swaps play an important role in our financial institutions, but they are insurance, t...
I believe we do, and the superintendents of the various states together with NAIC, which is their organization, in conjunction with NCOIL wo...
I would just like to note that the argument that naked CDSs, as I would define them, that don't provide any hedge at all but are purely spec...
Well, thank you Congressman. I just would point out, as I mentioned in my testimony, that if you look at AIG from the perspective of the sta...
I have a lot of sympathy for that, but I suspect that maybe a lot of what you want to accomplish can be accomplished by simply having CDSs c...
What worries me that everybody is going to have these position limits, on-exchange off-exchanges, that means that market makers... could be ...
You contrast that with the financial services arm of AIG, unregulated, and by virtue of the Commodity Futures Modernization Act unregulated ...
I would point out that, as it relates to state regulation of insurance companies, that we have reserving requirements and insolvency tests.
I would argue a couple of things.