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Coverage issues implicated by FDIC claims against directors and officers of failed banks

Edwards Wildman Palmer LLP
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USA
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September 7 2012

The financial crisis commencing in 2008 has led to the failure of an unprecedented number of financial institutions

Bill to ban the use of credit score in insurance rating introduced into United States House of Representatives

Edwards Wildman Palmer LLP
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USA
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July 18 2012

U.S. House Representative from Michigan Hansen Clarke (D) proposed legislation on July 13, 2012 that would prohibit insurance companies from using credit scores to determine automobile insurance rates

PLUS D&O Symposium 2012 day 1 third panel: financial institutions underwriting: is it safe to come out now?

Edwards Wildman Palmer LLP
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European Union, USA
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February 8 2012

The third panel on day one of the PLUS D&O Symposium addressed developments arising from the financial crisis and the implications of these developments for D&O insurers, and assessed the current and potential future impact on the underwriting of financial institutions

New Jersey issues bulletin revising standards for equity indexed annuity products

Edwards Wildman Palmer LLP
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USA
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January 26 2012

On December 28, 2011, the New Jersey Department of Banking and Insurance (the “Department”) issued Bulletin 11-31 (the “Bulletin”) revising standards for equity indexed annuities (EIA), which are annuity contracts with a value based on performance of a specified equity-based index (or indices

New York completes merger of its Insurance and Banking departments

Edwards Wildman Palmer LLP
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USA
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January 26 2012

As previously reported on InsureReinsure, the State of New York merged its the Insurance and Banking Departments into a new, single agency known as the Department of Financial Services (“DFS”), with new and heightened oversight responsibilities over the financial services industry as a whole

Foreseeable and reasonable mitigation costs can constitute cognizable injury from a data breach - at least under Maine law

Edwards Wildman Palmer LLP
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USA
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October 25 2011

The First Circuit has held that consumer claims for reimbursement of the cost of identity theft insurance and of fees for replacement of credit and debit cards following a breach of their personal information can be a cognizable injury under certain circumstances, at least under Maine law

FSOC proposes regulations and guidance re SIFIs

Edwards Wildman Palmer LLP
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USA
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October 12 2011

At its meeting on October 11, 2011, the Financial Stability Oversight Council (FSOC) issued a second notice of proposed rulemaking and proposed interpretive guidance as to the determination of nonbank financial companies that are systemically important financial institutions (SIFIs

FDIC continues D&O suits against failed banks

Edwards Wildman Palmer LLP
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USA
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August 25 2011

On August 22, 2011, the FDIC sued 17 former directors and officers of Silverton Bank (“Silverton”), as well as two of Silverton’s D&O insurers

Senate Committee hearing on nomination of Roy Woodall to FSOC

Edwards Wildman Palmer LLP
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USA
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August 4 2011

On July 26, 2011, the U.S. Senate Committee on Banking, Housing and Urban Affairs convened to consider the nomination of Roy Woodall, former Commissioner of the Kentucky Insurance Department, to serve a six-year term as a voting member of the Financial Stability Oversight Council (“FSOC”

FSOC releases its first annual report as mandated under Dodd-Frank

Edwards Wildman Palmer LLP
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USA
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August 4 2011

On July 26, 2011, the Financial Stability Oversight Council (“FSOC”) released its first annual report, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”

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