New rules exposing executives and directors of troubled financial-services institutions to unexpected negative consequences—including the possible loss of their salaries and other compensation—have sparked the creation a new insurance coverage.
Insurance broker Marsh, a subsidiary of Marsh & McLennan Cos., says it has developed an insurance endorsement aimed at company officials whose personal assets “are now at greater risk as a result of expanded Federal Deposit Insurance Corp. (FDIC) authority” to place financial-services companies into receivership.
The FDIC authority is spelled out in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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