In a new survey by Deloitte Financial Advisory Services, only 31% of respondents indicated that their company had in place “comprehensive FCPA (Foreign Corrupt Practices Act) compliance program.” Only 32% of respondents said their company addresses FCPA risks “proactively.”
For insurers offering D&O cover, threats from any increase in FCPA enforcement activity may not impact claims because, typically, any FCPA fines and penalties likely accrued would not be covered under most D&O policies. Rather, notes a blog hosted by Kevin LaCroix, an attorney and a director of OakBridge Insurance Services, the threat is from the potential liability that could arise in any follow-on civil action, including any follow-on lawsuits, for which settlement or judgments incurred in a follow-on action, as well as defense expenses, would usually be covered under the typical D&O policy.
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