The Nebraska Supreme Court has upheld language in a directors and officers liability insurance policy that excludes protection against actions by a regulator.
In its March 6 ruling the court upheld a lower court decision against the Nebraska Department of Insurance in an action brought by then Insurance Director Tim Wagner.
Mr. Wagner as the liquidator of Amwest insurance company had sought to make a recovery from two Amwest D&O policies with $5 million limits. Mr. Wagner had also brought an action against the Amwest directors and officers alleging that their misconduct had bankrupted the company.
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