7 See Board of Governors of the Federal Reserve System (2017), “Policy Statement on the Scenario Design  Framework for Stress Testing,” proposed rule (Docket No. OP-1588), Federal Register, vol. 82 (December 15), pp. 59533–59547.
Insurance companies, especially those in reinsurance, pension funds, and hedge funds continue to be willing, at a price, to supply this credit protection, despite the significant losses on such products that some of these investors experienced during the past three years.