Mark Peters advises clients in the insurance and financial services industry on a wide variety of matters including government investigations, regulatory approval, compliance matters and insurance transactions and insolvency.
Prior to joining Edwards Wildman Palmer in 2010, Mr. Peters served as Special Deputy Superintendent in Charge of the New York Liquidation Bureau, the agency that manages insolvent insurance companies on behalf of the State. In that capacity, Peters worked closely with both senior executives at major insurance and financial services companies, as well as government officials and regulators, to rehabilitate, restructure and wind down failed institutions. During his tenure, he oversaw reform of the agency's operations and recovered hundreds of millions of dollars previously owed to the Bureau.
Before the Liquidation Bureau, Mr. Peters served as Chief of the Public Integrity Unit at the New York Attorney General's Office, where he supervised public corruption prosecutions. He previously had served as Deputy Chief of the Attorney General's Civil Rights Bureau, where he brought cases involving mortgage lending and access to financial services.
Notable Experience
· Mr. Peters represents one of the state's largest Mutual Insurance Companies in proceedings before the New York State Department of Financial Services (formerly the New York Department of Insurance) seeking regulatory approval for various transactions and procedures.
· Mr. Peters is leading the response by one of the world's largest commercial banks to a broad investigation by the New York Department of Financial Services into industry wide mortgage lending and insurance practices.
· Mr. Peters advised one of the country's largest national banks on insurance insolvency law and the consequences of making secured loans to regulated entities.
· Mr. Peters represents multiple insurance companies responding to Market Conduct Examinations before the New York Department of Financial Services (formerly the New York Department of Insurance).
· Mr. Peters has represented a major lending bank before the New York Attorney General's office and helped obtain approval from the office for a series of complex transactions.
· Mr. Peters advises one of the country's largest private equity investors on a wide variety of insurance and regulatory matters.
· Mr. Peters assisted a financial services company assess the threat of both government action and private legal action against a target company that the client was considering purchasing.
In Government:
· As head of the New York Liquidation Bureau, Mr. Peters organized the joint government and industry response to the mounting, nearly billion dollar, deficit at a failed life insurance company. The work included both consideration of a new legal structure to hold and pay out funds as well as meeting with industry leaders to obtain pledges of payment to the new fund.
· As head of the New York Liquidation Bureau, Mr. Peters supervised a first of its kind proposal to sell an insolvent insurance company directly out of liquidation through a competitive bid process. He worked with in-house counsel and outside lawyers to design a legal structure for the transaction and personally met with the court overseeing the company to explain the process.
· As Chief of the Attorney General's Public Integrity Unit, Mr. Peters obtained indictments of several senior members of one of the largest political organizations in the Bronx after demonstrating that they had systematically stolen funds intended for AIDS patients and WIC programs and used them to fund various political campaigns.
· As Chief of the Attorney General's Public Integrity Unit, Mr. Peters obtained the conviction of a nationally known security guard company and its executive vice president after they compromised security of sensitive state facilities by supplying unqualified/unlicensed security guards.
· As deputy Chief of the Attorney General's Civil Rights Bureau, Mr. Peters brought a first of its kind case against one of the largest sub-prime lenders in New York State. He obtained the detailed federal court consent decree that became the basis for future industry regulation. He also supervised post-settlement monitoring of the company's lending activities.
Recent Speaking Engagements and Publications
· In depth guest commentator on Capital Tonight discussing changes in state ethics and compliance laws.
· "New York's New Department of Financial Services, Managing Potential Conflicts within the New Unified Regulatory System," co-author, Government and Policy Journal, New York State Bar Association, Vol. 13, No. 2, Winter 2011.
· "There's a New Regulator in Town," co-author, New York Law Journal, December 19, 2011.
· "New York Proposes to Merge its Insurance and Banking Departments and Consumer Protection Board into a Single Agency," co presenter, webinar presented by Edwards Wildman Palmer, March 4, 2011.
· "A New Regulatory Regime? New York's Proposal to Merge its Insurance and Banking Departments and Consumer Protection Board into a Single Agency," co-author, Insurance Advocate, February 28, 2011.
· "Why Merge Financial Agencies?," co-author, Times-Union Op-Ed, Albany, New York, February 21, 2011.
· "Cuomo's Deep Reach Into Regulatory Territory Could Provoke Clash in Albany," quoted, New York Times, February 15, 2011.
· "Issues for Secured Creditors in Insurance Insolvency," author, Law360 Magazine, November 23, 2010.
· "Foreclosure Crisis: Intramural Battles May be the Toughest Post," author, New York Law Journal Op-Ed, November 17, 2010.
· "The Brewing Foreclosure Crisis: Responding Effectively to Government Investigations," co-presenter, webinar presented by Edwards Wildman Palmer, October 28, 2010.
· Keynote and featured speaker before numerous insurance industry organizations on financial insolvency, reform of insurance receiverships, government/private capital joint ventures and other related economic topics.
· Testified before State Assembly Banking Committee regarding reform of sub-prime lending industry.
· Lectured on reform of sub-prime lending practices at various conferences.
News & Publications
February 2012, Client Advisory - Shareholder Brings Derivative Action Against Life Carrier's Officers and Directors Targeting Unclaimed Property Practices
January 2012, Client Advisory - Whistleblower Claims $1.6 Billion in Unclaimed Property Lawsuit Against Two Leading US Life Carriers
October 14, 2011, Reuters Runs Article by Richard McCarthy and Mark Peters on Increasing Investigations into Insurance Practices
July 2011, Client Advisory - New York Insurance Department Requires Life Insurers to Use Social Security Death Master File to Identify Deceased Policy Holders
June 2011, Client Advisory - New York Attorney General Issues Subpoenas to Investigate Life Insurers' Compliance With Unclaimed Property Laws
June 2011, New York Enacts Legislation to Merge the Insurance and Banking Departments
May 2011, Client Advisory - California Announces Investigation of Life Insurers' Use of Social Security Death Master List and Compliance With Unclaimed Property Laws
May 2011, Client Advisory - State Insurance Regulators Coordinate Investigation of Life Insurers' Compliance With Unclaimed Property Laws
April 2011, Client Advisory - New York Enacts Legislation to Merge the Insurance and Banking Departments
March 25, 2011, Mark Peters Analyzes Prospective Consolidation of NY Regulatory Agencies in Law360
March 2011, Client Advisory - Governor Revises Bill Proposing to Merge New York's Insurance, Banking and Consumer Protection Regulators into a Single Agency
February 21, 2011, In Albany Times-Union Op-Ed, Mark Peters and Mohana Terry Weigh in on the Proposed Merger of NY Regulatory Agencies
February 2011, Client Advisory - A New Regulatory Regime?
New York's Proposal to Merge its Insurance and Banking Departments and Consumer Protection Board into a Single Agency
December 2010, The Challenges for Secured Creditors in Insurance Insolvency: When Having a Secured Claim May Not Guarantee Payment
November 23, 2010, In Law360 Article, Mark Peters Examines Issues for Secured Creditors in Insurance Insolvency
November 17, 2010, In the New York Law Journal, Mark Peters Airs Concern over Bureaucratic Battles in Addressing Foreclosure Crisis
September 13, 2010, Mark Peters Joins Edwards Angell Palmer & Dodge as a Partner
Before Edwards Wildman
Earlier in his career, Mr. Peters was Senior Staff Attorney at Children's Rights, Inc., a national watchdog organization advocating on behalf of abused and neglected children in the United States. Previously, Mr. Peters clerked for the Hon. Charles P. Sifton of the United States District Court for the Eastern District of New York, and was in private practice at Sullivan & Cromwell.
Besides Edwards Wildman
In 2010, Mr. Peters was appointed by the Governor to the New York State Commission on Public Integrity, the agency that oversees lobbying and state-government ethics rules. An avid baseball fan, he lives in Brooklyn with his wife and two children.
Events
March 4, 2011, New York Proposes to Merge its Insurance and Banking Departments and Consumer Protection Board into a Single Agency
October 28, 2010, The Brewing Foreclosure Crisis
Responding Effectively to Government Investigations
Memberships
· New York State Public Integrity Commission, Commissioner (through June 2011)
· Chair of the Board, NYCOFI
· New York anti-poverty non-profit