[JumpCrisscross]

> it's easy to think that "all insurance is the same"

Such an assumption is not necessary. (The difference between consumer and commercial insurance is also not germane when discussing a novel bonding scheme.)

If you’re getting thrown off by the home insurance analogy, think regulatory capital instead.

> regulatory protections that apply to home insurance are very different to the ones applying to corporate insurance

We’re discussing a hypothetical regulatory environment. Given the insurance is guaranteeing consumer protections, one would expect it to be strict.