What it does
MP 00 09 is the Side A form for financial institutions: it protects directors and officers of a financial institution for loss that the institution does not indemnify. Forms lists show it filed in the Management Protection states except Kansas.
Program context
The ISO Management Protection (MP) program is a modular management liability policy: Common Policy Conditions (MP 00 03) shared by separate coverage forms for executive liability (D&O), executive and entity securities liability, financial institutions executive liability, not-for-profit management liability, fiduciary liability and Side A only. Forms lists show the Management Protection forms filed for use in Colorado, Iowa, Illinois, Indiana, Kansas, Minnesota, Missouri, North Dakota, Nebraska, Ohio, South Dakota, Wisconsin and Wyoming. The 10 06 and 05 09 editions are the current ones in forms lists; ISO filed a multistate Management Protection forms revision in 2008.
Who needs it
Financial institution boards seeking personal-asset protection not shared with the institution, especially where regulators could restrict indemnification.
Quoting and selling notes
- Pair with MP 00 04 or MP 00 05.
- Ask about regulatory standing and capital levels.
- Discuss limits relative to the institution's asset size.
