Although in-house risk professionals and corporate lawyers may not relish the task of reviewing their company's directors-and-officers liability-insurance policy, provisions of the Dodd-Frank Act should prompt them to seriously evaluate the scope of their coverage.
In addition to the passage of Dodd-Frank, an increasingly active regulatory environment is another factor pointing to the urgency of such a review for all public companies—especially smaller ones.
Particularly important is whether—and how—their D&O policies will cover internal corporate investigations prompted by whistleblowers alleging corporate wrongdoing (under Dodd-Frank, whistleblowers can share in the proceeds of penalties collected by the Securities and Exchange Commission).
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