Insurance companies are legally required to maintain statutory reserves, liabilities with respect to their unmatured obligations (i.e., expected future claims).
The state offers statutory relief from liability, a streamlined review process and straightforward clean-up standards.
One glaring example of the disconnect between policy and reality is the statutory cap on liability for oil spills.
There's one other benefit to using the MLC: you're shielded from liability for statutory damages.
In 2008, following a sustained policy campaign by the large international accounting firms, the European Commission issued a Recommendation that European Union (EU) Member States should limit civil liability for statutory auditors.
5. State statutory law often imposes liability for traffic accidents on sellers of alcohol to obviously intoxicated patrons who subsequently have a wreck (dramshop laws).
Benefits include waivers of import duties on capital equipment and deductions of various peripheral tax liabilities including statutory employers' contributions.
Michael Rotker, the lawyer for the department, told the court that the problem with the restitution awards was that there was no statutory authority for joint and several liability — nothing in the law, as Congress wrote it, which allowed a victim to recover a large award from one defendant who could then seek to recoup those losses by suing other defendants.
G&G says it attempts to combat piracy – threatening those showing the fight without paying the licensing fee – with "civil liability for actual and statutory damages in excess of $100,000, injunctive relief, legal costs and attorneys' fees, as well as other severe criminal and civil penalties as provided for by federal copyright and state and federal telecommunications laws".
They deplore the statutory exposure of foreign governments to liability in United States courts for international terrorist murders or assassinations here.
