Agents ask Supreme Court to overrule Del. bank law.

National Underwriter Property & Casualty-Risk & Benefits Management, October, 1991 by Fisher, Mary Jane

Agents Ask Supreme Court To Overrule Del. Bank Law WASHINGTON--An agent coalition has asked the U.S. Supreme Court to review an appeals court decision upholding a Delaware banking law which would allow state-chartered subsidiaries of bank holding companies to both sell and underwrite all lines of insurance.

The high court was asked to review a June ruling by the U.S. Court of Appeals for the Second Circuit vacating an August 1990 decision by the Federal Reserve Board (see NU, June 17). The Washington-based American Council of Life Insurance joined the agents' petition. The Fed's ruling stopped bank holding companies from taking advantage of a Delaware law expanding the insurance powers of state-chartered subsidiaries of bank holding companies. The Justice...

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