STATE OF NEW YORK
25 BEAVER STREET
NEW YORK, NEW YORK 10004
NOTE: WITHDRAWN EFFECTIVE AUGUST 25, 2006
|SUPPLEMENT NO. 1 TO
CIRCULAR LETTER NO. 8 (1997)
MAY 21, 1998
|TO:||ALL COMPANIES LICENSED TO WRITE LIABILITY INSURANCE|
|RE:||POLICIES COVERING INJURY TO ECONOMIC INTEREST|
The purpose of this supplement is to provide the attached revised Proposed Regulation 110. This proposal reflects a broadening of coverage from the earlier draft circularized with Circular Letter No. 8 (1997), issued on March 28, 1997, and is based on comments received from interested parties since that time.
The proposal is intended to provide standards for policies covering Directors and Officers liability insurance, as well as other liability coverages generally categorized as insurance against loss "arising out of injury to the economic interests of any person". While the Regulation is under consideration, we will continue to review and, if appropriate, approve policy forms which conform to the attached proposed Regulation.
Insurers that have received approval under the draft proposal contained in the original Circular letter No. 8 (1997) may submit revised policies for consideration under these new standards if they want to make modifications to those forms.
Please Click Here for Proposed Regulation 110
Very truly yours,