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For any company that has a global footprint, irrespective of its size, the same risk applies. The use of prohibited non-admitted insurers and payment of insurance premium tax can bring about a breach of regulations in various territories across the globe.
This is a risk that some companies take knowingly and others not so. However, when the insurance placement in question is Directors & Officers Liability, various risks should be considered in detail before proceeding with a non-compliant programme.
The solution to a non-compliant D&O programme is a globally compliant placement with an insurer that has the relevant capabilities to issue locally placed policies, administer premium taxes and provide indemnification and claims payments on the ground for the local directors.
Karen Brown, Lockton, https://www.lockton.com/
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