New York State Seal

STATE OF NEW YORK
INSURANCE DEPARTMENT

25 BEAVER STREET
NEW YORK, NEW YORK 10004

 

Supplement No. 1 to
Circular Letter No. 18 (1998)
February 26, 1999

 

TO: All Insurers Licensed To Write Motor Vehicle Insurance in New York State
RE:

Increased minimum limits for bodily injury liability and personal injury protection for public autos subject to the rules of the New York City Taxi and Limousine Commission

Circular Letter No. 18 (1998), issued August 6, 1998, provided guidance to insurers of medallion taxicabs and for-hire vehicles in assisting policyholders that are subject to Title 35 of the Rules of the City of New York, Chapter 1, Taxicab Owners Rules, issued by the New York City Taxi and Limousine Commission (TLC).

A new directive by the TLC, Industry Notice #99-01, issued in January, 1999, will require, in addition to the rules previously set forth in Section 1-4(b) and 6-11(d), that the owner’s policy name the TLC as certificate holder for the purpose of receiving notices of cancellation or other changes in the policy. The directive requires this information, along with the applicable limits of coverage, to appear on an ACORD certificate of insurance, which the owner must provide to the TLC as proof of its compliance with the TLC rules.

The purpose of this supplement is to notify insurers of the new directive in order that appropriate assistance is provided to policyholders in complying with the TLC’s requirements. The TLC directive is effective for any policy that expires after February 28, 1999.

Inasmuch as the information to be provided is solely for the purpose of complying with the TLC’s rules, the Department considers it to be informational in nature, and no filings need be made with this Department.

Very truly yours,
_______________________
Mark Presser
Assistant Deputy Superintendent & Chief Property Bureau