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Claims From Regulatory Authorities
Health and safety in the workplace, statutory accounting and tax provision, compliance with governmental and regulatory authority requirements; in the modern business world, more and more professional corporate governance is expected of individual company directors. ITIC’s D&O policy includes legal costs coverage to help respond to regulatory inquiry.
A company director received a letter from the governmental authority responsible for overseeing the annual registration of his company accounts. This suggested he had submitted incorrect information and a fine was likely. An inquiry began. With the agreement of D&O underwriters, assistance was provided by a firm of consultants to show that no such breach of regulations had occurred.