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Here, ‘successor’ refers to the entity that exists after the restructuring. ‘Restructuring’ refers to any action that alters the identity or character of a business entity (e.g. a merger). Successor liability is a subset of the law governing corporate liability or liability of legal persons.
The phrase refers to the lowest amount of liability car insurance coverage that drivers must carry according to state laws. You may have seen numbers listed on your policy, such as 30/60/15.
The problem of successor liability arises when a company does something that alters its organisation or identity, such as a name change or a merger or acquisition. Rules on successor liability determine when and how corporate liability is affected by various changes in a company’s organisation or identity.
Making sure that you meet your new state's insurance requirements helps you avoid fines, suspension of your license and other legal issues. ... "Liability limits of $100,000 per person and ...
State Automobile Mutual Insurance Company, commonly shortened to State Auto Mutual or State Auto, is an American insurance company based in Columbus, Ohio. It was incorporated in 1921 as the first casualty insurance company to be headquartered in Columbus. [1] [2] In 2022, it was acquired by Liberty Mutual for approximately $1 billion. [3]
The first state commissioner of insurance was appointed in New Hampshire in 1851 and the state-based insurance regulatory system grew as quickly as the insurance industry itself. [4] Prior to this period, insurance was primarily regulated by corporate charter, state statutory law and de facto regulation by the courts in judicial decisions.
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