Pflicht des Versicherers zur Anspruchsabwehr nicht abdingbar

In einem kürzlich veröffentlichten Memo der Versicherungsaufsichtsbehörde des Staates New York vertritt diese die Ansicht, dass eine Klausel in der die Anspruchsabwehr dem Versicherungsnehmer auferlegt wird, in einem D&O Vertrag nicht zulässig sei (für den englischsprachigen Volltext hier klicken).

Die Stellungnahme von Carrie Cope, einer in Chicago ansässigen Anwältin, warum dies sowohl aus rechtlichen wie auch aus praktischen Gründen abzulehnen ist, kann hier nachgelesen werden.

(via D&O Diary)

Unterwegs

Dienstreisebedingt hatte ich in den letzten Tagen leider keine Zeit für neue Posts. Während der Wartezeit auf einen Flug ab Stansted Airport fiel mir dabei folgendes auf:

Ich frage mich was hinter dieser Flut an Information zum Offentsichtlichen steckt.

Unser Vespa Händler

In London kommt man mit dem Auto, auch am Wochenende wenn die Congestion Charge nicht fällig wird, oft nur im Fußgänger-Tempo voran. Daher war es eine der besten Entscheidungen des Jahres 2008 eine Vespa (Bj. 1960) anzuschaffen um an den Staus einfach vorbeizufahren. Unser gutes Stück haben wir beim Scooter Emporium erworben. Marco und sein Team importieren die Maschinen direkt aus Italien und machen sie vor dem Verkauf wieder 100% fit. Ein Besuch lohnt sich, auch weil das Geschäft unmittelbar in der Nähe an der bekannten Brick Lane liegt.

Wie aus Kreditkarten Asset Backed Bonds werden...

How credit cards become asset-backed bonds from Marketplace on Vimeo.

(via boingboing)

Was so alles in London geschieht...

erfährt man bei Londonist . Die Website gehört zu einem Verbund vergleichbarer Blogs zu anderen Weltstädten, die auch alle auf -ist enden und in lockerer Folge Hinweise zu bevorstehenden Veranstaltungen oder Berichte über kuriose Ereignisse geben.  

Auf die Antwort bin ich gespannt...

Nachfolgend ein Schreiben von Elijah E. Cummings (Demokrat, Mitglied des US Repräsentantenhasues für Maryland), senior member des House Committee on Oversight and Government Reform und member des Joint Economic Committee an Edward Liddy, President & CEO of AIG.

December 1, 2008

Mr. Edward M. Liddy
Chief Executive Officer
American International Group, Inc.
70 Pine StreetNew York,
NY 10270

Dear Mr. Liddy:

I write today to request that American International Group (AIG) fully disclose to the public the extent of the payments being made to senior company executives under your employee "retention program." The limited information that is currently available to the public about this program is insufficient to constitute the level of disclosure that the American taxpayers, who have bailed out this firm repeatedly in recent weeks, have the right to expect.

In form 8-K dated September 22, 2008, and filed with the Securities and Exchange Commission (SEC), AIG disclosed the following: "On September 22, 2008, a retention program of American International Group, Inc. ("AIG") became effective. The program applies to approximately 130 executives and consists of cash awards payable 60 percent in December 2008 and 40 percent in December 2009."

AIG has recently indicated that it will not provide performance bonuses in 2008. However, in what appears to be a disingenuous "slight of hand," AIG has announced its intention to continue to provide the retention program payments (commonly known as retention bonuses) previously announced in September - albeit some executives have apparently opted to delay receipt of these payments (but not to forgo them).

Thus, in form 8-K dated November 24, 2008, and filed with the SEC, AIG disclosed the following: "On November 24, 2008, the Executive Officers of American International Group, Inc. ("AIG") who participate in its previously disclosed retention program, including Chief Financial Officer David Herzog and Executive Vice President Jay Wintrob, volunteered to delay payments thereunder, with the first installment being delayed from December 2008 until April 2009 and the second installment being delayed from December 2009 until April 2010. Chairman and Chief Executive Officer Edward M. Liddy does not participate in this program."

In September of this year (and several days prior to the SEC filing announcing the "retention program"), the U.S. taxpayers provided a bailout loan of $85 billion to keep AIG afloat; in return, the federal government received an ownership stake in the firm. Subsequent actions increased the total size of the bailout to more than $150 billion - and restructured some of the initial loans provided to the firm.

Without taxpayer intervention, AIG would have ceased to exist and, to be blunt, all of its employees would have lost their jobs.Against this background - and given the massive layoffs occurring at other major financial entities, such as Citibank - the American taxpayers have a right to know why senior executives at AIG, who are frankly lucky to still have jobs, need to receive additional bonus payments of any kind to retain them at AIG.

To that end, I request that AIG disclose to the public the following information:

1. Which executives in which AIG divisions are receiving the retention payments - and how much is each executive receiving" What are the base salaries of the executives receiving the retention payments?
2. Are all executives delaying receipt of these payments until April 2009 - or, if any executive is not delaying receipt of the payments, which executive or executives is/are receiving payments in December 2008 and how much is each executive receiving?
3. Why is it necessary for any AIG executive to receive a retention payment - and why is it necessary that these be scheduled for April 2009 and April 2010?
4. What will be the source of the retention payments provided in 2009 and 2010?AIG has previously claimed in correspondence to me that it is working "to create a transparent, accountable culture to regain the trust of the American people."

The disclosure of the information requested here will be a first step toward providing the kind of transparency that the American people have the right to expect from a private firm to which they have provided more than $150 billion in financial assistance.

Sincerely,

Elijah E. Cummings
Member of Congress

via insurancenewsnet.com

Federal Bailout Antragsformular (Satire)


Hier ist das Federal Bailout Antragsformular, es ist “so einfach und leicht auszufüllen, dass selbst Skadden Arps nicht mehr als $2.7 Mio. für eine rechtliche Prüfung velangen würde.”
(via Securitiesdocket)