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Navigating State Guaranty Funds: What to Expect When Your Insurer Is Insolvent
Your insurance company is insolvent. Now what? Your state guaranty fund may provide some relief, but is it worth pursuing? That depends.
Every state has enacted some form of a property and casualty insurance guaranty fund intended to provide insurance coverage to policyholders whose insurers have become insolvent. The stated purpose of the state guaranty fund is typically set forth in the statute, but generally they are designed to, among other things: 1) provide a mechanism for the payment of 'covered claims' (as defined in the statute); 2) avoid delay and reduce financial loss to policyholders because of insurer insolvency; and 3) assist in the prevention of insurer insolvencies. See, e.g., Ohio Rev. Code '3955.03. The theory behind a guaranty fund is that, upon insolvency and with respect to any 'covered claims,' the guaranty fund will step into the shoes of the insurer. As a result, a state guaranty fund acquires some of the same duties and obligations of your insurance company.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.