FDIC Issues Statement On D&O Policies

FDIC Issues Statement On D&O Policies

WASHINGTON, D.C. - The Federal Deposit Insurance Corp. on Oct. 10 issued an "Advisory Statement on Director and Officer Liability Insurance Policies, Exclusions and Indemnification for Civil Money Penalties," warning bank directors and officers of the dangers of adding policy exclusions to their directors and officers (D&O) insurance policies and reminding them that a bank's purchase of insurance covering civil money penalties is illegal.

Find full version on lexis Advance®
Access this news story on lexis.com®