Clawback Meaning In Insurance
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How to fill out Clawback Guaranty?
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FAQ
Clawbacks under a clawback policy should recover compensation that is (1) incentive-based, (2) erroneously awarded, and (3) received by an executive officer during the three years preceding the date an accounting restatement was required (discussed below).
What are insurance clawbacks? ?Insurance clawbacks? describe when a third-party payor (usually an insurance plan) requests repayment of funds it initially paid to underwrite a service. Clawbacks occur when the payor later determines that the service was not covered.
Clawback Agreement Example For example, a senior executive may have been awarded $1 million dollars in stock, based on company performance. Then years later, it may be discovered that the company performance calculations were inaccurate or fraudulent.
Employee agrees that the Company shall have the right to require Employee to repay the value of the shares received by Employee pursuant to this Agreement, as may be required by law (including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations ...
Clawbacks are legal clauses that allow companies to recoup funds that they previously distributed. Clawbacks usually apply in cases of fraud or employee misconduct and companies can use them to recover Medicaid payments, executive-level bonuses, company pensions, life insurance payments or shareholder dividends.