In spite of a recent warning by Ambac Financial Group Inc. that it may have to file for bankruptcy protection as early as the first quarter of 2011, the Wisconsin commissioner of insurance, the company’s regulator, said it has sufficient expertise to handle any eventuality and has also rejected the notion that the company should be allowed to split its books.

According to the company’s 10Q filing with the Securities and Exchange Commission on Nov. 9, if the Wisconsin office decided to initiate delinquency proceedings with respect to Ambac Assurance Corp. — its main operating subsidiary — it would trigger termination payouts of around $23.1 billion.

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