Voluntary Compliance/Correction Program definition

Voluntary Compliance/Correction Program means any voluntary compliance resolution program or similar voluntary settlement program administered by the U.S. Internal Revenue Service, the U.S. Department of Labor, the Pension Benefit Guaranty Corporation or any similar domestic or foreign authority, including but not limited to: the Employee Plans Compliance Resolution System, the Delinquent Filer Voluntary Compliance Program, the Voluntary Fiduciary Correction Program, the Premium Compliance Evaluation Program, and the Participant Notice Voluntary Correction Program, under which the Insured corrects any inadvertent non-compliance by a Sponsored Plan.
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Examples of Voluntary Compliance/Correction Program in a sentence

  • The maximum liability of the Insurer for all Voluntary Compliance/Correction Program Costs combined under Section II Coverage Extensions, A.

  • The Insurer shall pay on behalf of the Insured all Voluntary Compliance/Correction Program Costs first identified by or assessed against such Insured, subject to the sublimit of liability shown on the Declarations, first incurred during the Policy Period or during the policy period of which this Policy and/or Coverage Part is a continuous renewal and, if coverage is sought by the Insured, reported to the Insurer as required by this Coverage Part.

  • The Insurer shall not be liable under this Policy for Loss or Voluntary Compliance/Correction Program Costs resulting from any such admission, offer or agreement to which the Insurer did not so consent.

  • The Insurer shall pay on behalf of the Insured all Voluntary Compliance/Correction Program Costs first identified by or assessed against such Insured, subject to the sublimit of liability set forth in Item 4.