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Often, forensic accountants face practical challenges when calculating business interruption (BI) losses. These issues have been highlighted by recent claims following COVID-19 and the 2024 storm in the UAE which caused...more
While we traditionally think of forensic accounting as the specialized area of accounting that focuses primarily on the investigation of financial crimes, forensic accountants are also well equipped to help companies untangle...more
Who may be interested: Insurance Companies - Quick Take: In an Industry Letter, the SEC’s Division of Investment Management stated that insurance companies may file financial statements prepared in accordance with...more
Insurance claims for employee losses are generally examined by insurance carriers. The carrier will often retain a forensic accountant who has the ability to measure employee losses. Employee losses are typically categorized...more
Arkansas has joined a number of states in enacting legislation meant to allow an insurer to transfer blocks of business to another insurer without the need for individual policyholder consent. On April 29, 2021,...more
On August 29, 2019, Judge Jesse M. Furman of the U.S. District Court for the Southern District of New York dismissed most of the securities fraud claims in a putative class action against a major industrial conglomerate (the...more
On June 28, the SEC amended existing requirements for public operating companies and mutual funds regarding the use of eXtensible Business Reporting Language (XBRL) for financial statement information and risk/return...more
We previously reported on the Texas Legislature’s passage in 2017 of Senate Bill 1070, which reduced collateral requirements for foreign reinsurers in order for domestic insurers to receive credit for the reinsurance on their...more
FASB received unsolicited input from banks and insurance companies and related trade groups on the accounting for what is referred to as the Tax Cuts and Jobs Act. Based on the input, FASB has tentatively decided to revise...more
The U.S. Department of the Treasury and the U.S. Trade Representative have ended the speculation about the fate of the Covered Agreement negotiated by the Obama Administration with the European Union by announcing their...more
Kansas Senate Bill No. 22, which became effective on March 9, 2017, amends the Kansas Third Party Administrator laws and appears designed to make them more robust by incorporating much of the language from the new National...more
The Singapore Exchange has introduced amendments to the Mainboard and Catalist listing rules—including in relation to the electronic transmission of documents to shareholders, exemptions for insurance coverage and indemnities...more
In a summary order, the United States Court of Appeals for the Second Circuit has affirmed the dismissal of two “shadow insurance” putative class action lawsuits against Axa Equitable Life Insurance and Metropolitan Life...more
On August 24, 2016, the Oklahoma Insurance Commissioner issued an order requiring all accredited reinsurers in the state to file all annual statements, audited financial statements, forms, documents and accompanying fees,...more
The purchase of buyer side representation and warranty insurance has become increasingly an integrated part of U.S. merger and acquisition transactions. Purchase of the product permits sellers to escrow less of the sale...more
The Southern District of New York granted Amtrust Financial Services’ motion to dismiss after finding that the plaintiff failed to specifically allege misstatements or omissions necessary to prove scienter in claims related...more
A recent federal district court decision dismissing a putative class action complaint against AXA Equitable Life Insurance Company may portend trouble for plaintiffs pursuing a number of similar so-called "shadow insurance"...more
In his recent blog post on disaster planning for businesses, Foley associate Nicholas E. Williams noted: “Business interruption insurance, which covers the loss of income suffered by a business after a disaster, plays an...more