Stagnant insurance laws that don’t allow for needed innovation are preventing a revival of the bond insurance industry, according to executives from the BondFactor Co. start-up.

George Butcher, chief executive at the new insurer, wants to “restore vitality” to the business of wrapping bonds. However, he maintains that New York State legislation needs to be amended first to allow his company to gain market access and add some competition to a monopolized market.

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