Berkshire Hathaway will have its municipal bond insurance company licensed in New York much quicker than normally, the New York State Insurance Dept. said Friday afternoon.
Superintendent of Insurance Eric R. Dinallo said his department will complete licensing by Monday for Berkshire Hathaway Assurance Corporation, which will be authorized to write financial guaranty insurance policies for Empire State municipalities.
“We welcome (Warren) Buffett and his organization to this marketplace,” Dinallo said. “Having new entrants in the market to provide municipalities with options to enhance the credit of new bonds or to potentially provide enhanced credit for outstanding downgraded bonds is a very positive development. That is why the Department expedited the licensing of Berkshire Hathaway Assurance.”
Once approved, the license will have been processed in a month — much quicker than the usual three- to nine-month turnaround.
Source: New York State Insurance Dept
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