Developments of Note
Massachusetts Commissioners of Insurance and Banks Seek Expedited Judicial Review of the OCC’s Preemption Determination of Insurance Sales Law
The Massachusetts Commissioners of Insurance and Banks (the "Commissioners") filed a petition in the United States Court of Appeals for the First Circuit ("Court"), pursuant to Section 304 of the Gramm-Leach-Bliley Act of 1999 (the "GLBA"), seeking expedited judicial review of the OCC’s determination (see the March 19, 2002 Alert) that the GLBA preempts three provisions of the Massachusetts Consumer Protection Act Relative to the Sale of Insurance by Banks and its implementing regulations ("Massachusetts Insurance Law"). In their petition, the Commissioners request that the Court vacate, set aside or otherwise annul the OCC’s preemption determination because: (1) the OCC lacks statutory authority to determine whether the GLBA preempts a state insurance law, including the Massachusetts Insurance Law; (2) the challenged
