Robinson said the court decided the Restatement
rule struck the appropriate balance between the open-ended nature of the reasonable foreseeability rule and the "overly constrained near-privity rule.
The breadth and scope of the Restatement
of the Law of Liability Insurance is substantial, touching upon nearly every legal issue frequently faced by insurance professionals in four chapters:
Reasons for financial firm restatement
range from unintentional accounting errors to more severe misreporting cases that likely influence market outcomes or unduly benefit management.
ALI members were to vote on the restatement
this past May during the organization's annual meeting, but its impending publication drew an unprecedented outcry from concerned ALI members as well as business insurance consumers, legislators, attorneys and liability insurers, including NAMIC members, all of which urged the ALI to reconsider the project.
, whether the identified mistakes were unintentional or deliberate, are considered serious financial reporting errors.
formulated three very sensible wishes for drafters of a new Restatement
We also construct the restatement
variables from the Call Report.
Such members must place faith in the Restatement
's advisers and an ad hoc consultative group, surprisingly few members of which claim comprehensive expertise in liability insurance litigation, and which bodies have no veto power over the reporters who draft the rules.
Section 402A also proposed an affirmative defense for products that were "unavoidably unsafe." Under comment k to [section]402A, Restatement
Second recognizes that there are some products that science and art cannot make completely safe for ordinary use but that still have utility.
Our research analyzed restatement
data from the Audit and Compliance Module of Audit Analytics[R], a research database specializing in tracking detailed information of restatements
is expected to result in deferral of approximately USD172 million in gross revenue to periods beyond June 30, 2014 and a retained earnings impact of USD71 million.
In addition, we will address the Restatement
of the Law Second, Torts (3) and the Restatement
of Law Third, Torts--Products Li ability.