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An extended reporting endorsement, commonly called a tail, extends the time within which a claim arising from work before the policy ended may be reported. It does not extend the policy period or add a new limit; it preserves the expiring policy's limit for a further reporting window. The right to elect is normally confined to a short period after termination, priced as a percentage of the expiring premium, and available only if the premium is paid in full.
A technical or procedural failure is treated as compliance where the employer made a good faith attempt, unless the agency explained the basis for the failure, allowed at least ten business days to correct it, and the employer did not correct it voluntarily within that period. Uncorrected defects become substantive violations. The rule is unavailable to an employer engaged in a pattern or practice of unlawful employment.
Merit screening statutes require a claimant suing a professional to file a supporting statement from a qualified practitioner, or a certification that expert proof is unnecessary. The statutes vary in who may sign, what the statement must assert, when it is due and whether the underlying expert must be identified. Non-compliance commonly produces dismissal, and in several states that dismissal operates with prejudice or after the limitation period has expired, ending the claim.
A utility is entitled to a return on the value of the property it employs for the public that is commensurate with returns on investments in other enterprises having corresponding risks, and sufficient to maintain its financial integrity and attract capital. Witnesses estimate that return with discounted cash flow, risk premium and capital asset pricing models applied to a group of comparable companies. The models produce ranges rather than points, and the commission selects within the range.
A trust accounting reports the property on hand at the start of the period, the receipts and gains during it, the disbursements and losses, and the property on hand at the close. The schedules must reconcile, principal and income are shown separately where the trust divides them, and the trustee's compensation must be disclosed by source and amount. A reviewing court looks first at whether the account balances and second at whether each disbursement is explained.
An underwriter may not purchase or sell municipal securities unless it has reasonably determined that the issuer or obligated person has agreed in writing to provide annual financial information, audited statements when available, and prompt notices of listed events to the municipal repository. The agreement itself sets the categories of information, the accounting basis and the date each year, and a failure to file by that date triggers a separate notice obligation.
A former federal official is permanently barred from communicating to the government, on another's behalf and with intent to influence, about a specific-party matter in which the official participated personally and substantially. A shorter bar covers matters that were pending under the official's responsibility. Senior and very senior officials face further restrictions on contacting their former agency at all, and legislative branch officials are covered by parallel provisions.
A communication is coordinated where three conditions hold together: it is paid for by someone other than the candidate or party, it satisfies one of the defined content standards, and it satisfies one of the defined conduct standards. Failing any prong takes the communication outside the rule. A coordinated communication is an in-kind contribution to the candidate or party with which it was coordinated, and is subject to the limits and source prohibitions.
An action on a federal payment bond must be brought no later than one year after the day the claimant last performed labor or supplied material. The period runs from the claimant's own performance rather than from completion of the project, from the invoice date or from the failure of negotiations. It is not extended by partial payment, by continuing discussions or by the surety's investigation, and the action must be brought in the district where the contract was to be performed.
At the close of an examination the staff ordinarily issues a written communication describing the deficiencies observed. The letter is not a finding of violation and is not published, but it identifies the rule implicated by each observation and requests a written response within a stated period. A response should address each item, state what has changed, and identify who is accountable and by when.
A member firm must report specified events within thirty calendar days of becoming aware of them, including violations of investment-related laws, written customer complaints alleging theft, misappropriation or forgery, indictments and convictions, disciplinary actions by other authorities, and civil outcomes above stated thresholds. Statistical and summary information about written customer complaints is reported quarterly.
A registered adviser must deliver its current brochure to a client or prospective client before or at the time of entering into an advisory contract, and must thereafter deliver annually, within one hundred twenty days of fiscal year end, either the current brochure or a summary of material changes with an offer to provide the full document. Where the brochure is amended to disclose a disciplinary event, delivery must be prompt and accompanied by a statement of the material facts.
