Without much fanfare and little notice last Fall, Congress directed all federal agencies by July 1, 2016 to begin increasing civil penalties annually with inflation adjustments. On November 2, 2015, Congress passed the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (2015 Inflation Adjustment Act) as part of the Bipartisan Budget Act of 2015. The new law directs each government agency to adjust their civil monetary penalties for inflation every year. Agencies across the federal government must determine the last time their penalties were increased and publish interim final rules to adjust their penalties for inflation from that date.
Euclid Specialty has drafted a Euclid Perspective to provide a comprehensive overview of the following topics related to the new law:
- A table of the new penalty amounts adjusted for inflation.
- What is the appropriate insurance coverage for Department of Labor penalties?
- What penalty coverage do your clients need?
- How much penalty coverage do you need?
Euclid Specialty is a division of Euclid Program Managers, a family of insurance program administrators specializing in Professional Liability, Executive Liability, Public Entity, Fiduciary Liability and Labor Affinity programs. To learn more visit website euclidprograms.com.