News & Analysis as of September 23, 2024

Federal Deposit Insurance Corporation › Policy Exclusions

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The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s. The FDIC's mission is to maintain stability and consumer confidence in the United States banking system by insuring deposits, monitoring the health of financial institutions and managing receiverships. less -

Ninth Circuit Holds D&O Policy Bars Coverage of FDIC’s Claims

Eversheds Sutherland (US) LLP on 4/12/2017

In a decision, the US Court of Appeals for the Ninth Circuit, in finding for a directors & officers (D&O) insurer, denied coverage of the Federal Deposit Insurance Corporation’s (FDIC) claims against a failed bank’s former...more

Trio of Recent Decisions on the I v. I Exclusion Should Remind Policyholders to Annually Review the Language in Their Policy to...

Farella Braun + Martel LLP on 3/2/2017

D&O policies vary quite a bit from carrier to carrier, and language on “standard” exclusions can change from year to year. Accordingly, it is important to do a yearly review of your D&O policy to make sure your company has...more

Insurance Recovery Law - August 2015 #2

Manatt, Phelps & Phillips, LLP on 8/28/2015

Good News for Corporate Policyholders: Insurer Cannot Refuse Coverage Based on Insured's Assignment of Rights Under Policies After Loss Has Occurred - Why it matters: Reversing its holding in a 2003 case, the Supreme...more

Insurance Recovery Law -- January 2015

Manatt, Phelps & Phillips, LLP on 1/14/2015

Insured v. Insured Exclusion Ambiguous When Applied to FDIC, 11th Circuit Rules - Why it matters: In the continuing split among courts considering insured v. insured exclusions, the Eleventh U.S. Circuit Court...more

Insured v. Insured Exclusion Ambiguous, California Court Finds: Bank Ds And Os Entitled to Coverage for FDIC Suit

Manatt, Phelps & Phillips, LLP on 10/30/2014

Why it matters - In the latest decision to weigh in on the scope of the Insured v. Insured exclusion, a California court has held that it is ambiguous as applied to suits brought by the FDIC, and therefore does not...more

Insurance Recovery Law -- October 2014 #2

Manatt, Phelps & Phillips, LLP on 10/23/2014

Court’s Decision Prompts Policyholders to Seek Defense Quickly or Risk Awaiting Conclusion of Coverage Action to See Reimbursement - Why it matters: A policyholder who does not act promptly to seek advancement...more

FDIC Issues Guidance Regarding Exclusions from, and Limits on Indemnification for CMPs under, Director and Officer Liability...

Goodwin on 10/18/2013

The FDIC issued a financial institution letter (“FIL-47-2013”) concerning exclusions from, and limits on indemnification for civil money penalties (“CMPs”) under, banks’ director and officer liability insurance policies ...more

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