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FDIC ups the ante

机译:联邦存款保险公司提高赌注

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摘要

The FDIC recently ignited what is likely to become a fire storm of litigation by authorizing lawsuits aimed at recovering $20 billion from former officials of failed banks. Almost all of the money the agency collects will come from D&O insurance, an inevitability with ramifications for banks, insurers, and directors. Among the most immediate impacts is the formationrnof a two-tiered market. "For the healthy banks-those that are stable, have good numbers, and are clearly going to thrive-D&O coverage is readily available, even competitive," says Chris Taylor, president, Financial Institutions, Zurich North America. "For a bank that has horrible financials-maybe has already been issued a Memorandum of Understanding-even keeping D&O insurance is hard." Any bank with operations that raise questions for underwriters may not get the same terms and conditions on renewal. Troubled banks should expect to pay a lot of money for stripped-down coverage, he says, "if they're lucky enough to get coverage at all."
机译:FDIC最近批准了旨在从破产银行前官员那里追回200亿美元的诉讼,从而点燃了一场可能成为诉讼风暴的麻烦。该机构收集的几乎所有钱都将来自D&O保险,这对于银行,保险公司和董事而言是必然的。最直接的影响之一是形成一个两层市场。苏黎世北美金融机构总裁克里斯·泰勒(Chris Taylor)表示:“对于健康,稳定,数量众多且显然会蓬勃发展的银行而言,D&O覆盖范围很容易获得,甚至具有竞争力。” “对于一家财务状况糟糕的银行-也许已经签发了谅解备忘录-即使要保留D&O保险也很难。”任何经营业务向承销商提出疑问的银行,续签的条款和条件均可能不同。他说,陷入困境的银行应该期望为精简后的保险支付很多钱,“如果他们足够幸运的话,就可以得到全部保险。”

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