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Bribery Act, privacy laws and Dodd-Frank mean more D&O claims, warns Beazley

May 13 2011 Alex Davidson, Regulatory Intelligence

Companies buying directors' and officers' liability insurance must ensure that they develop good relations with underwriters and claims staff, insurance experts have said. Tom Ielapi, D&O underwriter, specialty lines, Beazley Group, and Nilay Ozden, SVP, FINPRO Practice, Marsh, gave this advice at Marsh's 2011 Communications, Media and Technology Conference in London. They predicted a rise in D&O claims following the recent swathe of new legislation, including the UK Bribery Act 2010, changes in privacy law globally and the Dodd-Frank whistle-blowing provisions in the US. Ielapi said that a main reason for the changing claims environment was that governments wanted to respond to public concern about the corporate world. The US Foreign Corrupt Practices Act had led to $2.8bn in settlements over the previous two years. "The UK Bribery Act goes a lot further than the FCPA. People will go after the directors," he warned. Ielapi also noted changes in privacy law: "For D&O cover, it's

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