Whether the New York Insurance Department can appeal a ruling that ordered it to hand over e-mails and documents regarding the restructuring of bond insurer MBIA Insurance Corp. could be decided soon.

The department wants to appeal the November 2010 ruling that came after MBIA policyholders suing the insurer filed an action a month earlier to gain access to the confidential documents. The policyholders filed suit against MBIA in June 2009 contending that when the bond insurer divided its healthy public finance portfolio from its riskier structured finance book, it diminished its claims-paying abilities for its non-muni obligations.

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