Federal law signed in 1945 in which Congress declared that states would continue to regulate the insurance business. Grants insurers a limited exemption from federal antitrust legislation.
Under tort law, one of the requirements a person must establish to get recovery in a civil action based on negligence. The plaintiff must show that an act or omission of the defendant was the proximate cause of the plaintiff’s loss or injury. Proximate cause may be taken to mean the primary causes producing injury … Read moreProximate cause
A term that, when used in reinsurance agreements, refers to damages awarded by a court against an insurer in addition to compensatory damages. Punitive damages are intended to punish the insurer for willful and wanton misconduct and to serve as a deterrent. When the award is against an insurer, it is usually related to the … Read morePunitive Damages
Establishing guilt in a criminal action requires proof beyond a reasonable doubt. It is proof that precludes every reasonable theory except the one consistent with a defendant’s guilt.
The Sarbanes-Oxley Act was signed into law on 30th July 2002, and introduced legislative changes to financial practice and corporate governance regulation. It introduced stringent new rules with the stated objective: “to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws”. The act is named after its … Read moreSarbanes-Oxley (SOX)
In tort law, liability imposed without any showing of negligence.