You are here:HomeIssuesProtecting State Insurance Regulation 2003PIA Files a Petition for a Writ of Certiorari with the U.S. Supreme Court in OCC Case

PIA Files a Petition for a Writ of Certiorari with the U.S. Supreme Court in OCC Case

On Friday, May 2, 2003, PIA continued its ongoing legal action against the Office of the Comptroller Currency (OCC), by filing a petition for a...
May 5, 2003

On Friday, May 2, 2003, PIA continued its ongoing legal action against the Office of the Comptroller Currency (OCC), by filing a petition for a writ of certiorari with the U.S. Supreme Court. If the Supreme Court accepts the writ, they would review the decision issued by the Fourth Circuit and possibly overturn the holding that was issued in the OCC's favor.

PIA believes there is a good chance that the Supreme Court may hear the case given the conflict between the 4th and 1st Circuit Courts regarding the deference OCC opinions should be given; the 4th circuit felt the OCC opinion had authority to preempt state law under GLBA while the 1st circuit felt the OCC's opinion had no legal effect on the states. The Supreme Court is more likely to hear a case where such a conflict of opinions exists between the different federal circuit courts.

What It Means to Agents:  PIA continues to follow through on its commitment to advocate for an equal regulatory framework for banks and insurers. If the OCC is given the authority to preempt state law, then banks would be excused from complying with the same laws as insurers, even though they are a part of the financial services industry. This petition for a writ of certiorari offers the chance that the Supreme Court will issue a definitive decision on the issue giving the equal treatment for banks and insurers that PIA desires.