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Tata Aig Liability Insurance |
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Directors & Officers Liability Insurance
The sources of possible actions against directors are wide and varied. As one of the leading Directors and Officers (D&O) liability insurers in the world, we know that directors are particularly exposed following merger and acquisition activity and company liquidations. Employee actions against directors are another frequent source of claims in areas such as racial discrimination, sexual harassment and unfair dismissal. Further actions can arise as a result of Regulators actions under various statutes, such as the Companies Act 1956, Securities and Exchange Board of India Act 1992, Foreign Exchange Management Act 1999, etc.
Reports on Corporate Governance like the Kumaramangalam Birla Report 1999, the Narayana Murthy Report 2003 and Clause 49 of the listing agreement with stock exchanges, etc. set out the breadth and scope of board level responsibilities more clearly than ever before. These statutes set the standards for directorial behaviour and at the same time increase the potential for actions against directors who fall short of these standards. Defence costs and damages in such actions can vary from thousands to millions of rupees and the length of time taken to settle cases can extend from several months to several years.
The regulatory environment facing the directors of today´s companies is more rigorous, and their responsibilities more onerous than at any time in living memory. The next few years will see even tighter legislation and increasing globalization of business, thus subjecting directors and officers to closer scrutiny from shareholders, customers, employees, suppliers and regulators not just in the global market place but also in their domestic environment.
Tata AIG has anticipated this changing environment. We know how important it is to give directors and officers the best possible protection. We have a history of successful innovation and market leadership in providing management liability insurance and offer a comprehensive Directors & Officers Liability Insurance solution - CorporateGuard.
• The Management Challenge - and Tata AIG´s Apt response
Directors and Officers liability insurance covers risks faced by management in today´s business environment. Corporate Governance, shareholder activism, employment practice litigation, transparency requirements and increasing regulatory supervision & investigation necessitate a comprehensive management liability solution which the CorporateGuard Directors and Officers liability insurance policy provides.
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