Did the availability of directors and officers liability insurance products contribute to the credit crisis fueled by investment firms that securitized subprime mortgages and other debt obligations?
Richard Bortnick, a coverage attorney for Cozen O'Connor in West Conshohocken, Pa., posed the question to an insurance company executive during the annual meeting of an association of professional liability underwriters and litigators last month.
During a session of the international conference of the Minneapolis-based Professional Liability Underwriting Society–which covered hot-button D&O issues ranging from executive compensation to global warming–Mr. Bortnick specifically asked whether the availability of insurance provides "an incentive for executives to maybe not entirely play by the rules."
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