STATE OF NEW YORK
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|
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 owners 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 TLCs 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 TLCs rules, the Department considers it to be informational in nature, and no filings need be made with this Department.
Very truly yours,