NEW YORK STATE
FIFTH AMENDMENT TO REGULATION NO. 121
(11 NYCRR 73)
CLAIMS-MADE POLICIES; SCOPE OF APPLICATION;
I, NEIL D. LEVIN, Superintendent of Insurance of the State of New York, pursuant to the authority granted by Sections 201, 301, 1113(a)(13), (14) and (29), 1116, 3436, and 5504 and Articles 23 and 55 of the Insurance Law, and Chapter 65 of the Laws of 1998, do hereby promulgate the following Fifth Amendment to Part 73 of Title 11 of the Official Compilation of Codes, Rules and Regulations of the State of New York (Regulation 121) to take effect upon publication in the State Register.
NEW MATERIAL UNDERSCORED
Section 73.2(c) is amended to read as follows:
(c)(1) Any commercial liability policy may be issued or renewed on a claims-made basis if at least 90 percent of the liability insurance premium for the policy is attributable to product liability, completed operations liability or medical malpractice liability exposure.
(2) Legal services insurance may be provided on a claims-made basis when written as part of a policy of liability insurance covering related risks of a type specified in subdivision (a) of this section.
I, Neil D. Levin, Superintendent of Insurance of the State of New York, do hereby certify that the foregoing is the fifth amendment to 11 NYCRR 73 (Regulation 121), promulgated by me on March 1, 2000, pursuant to the authority granted by Sections 201, 301, 1113(a)(13), (14) and (29), 1116, 3436, and 5504 and Articles 23 and 55 of the Insurance Law and Chapter 65 of the Laws of 1998, to take effect upon publication in the State Register.
Pursuant to the provisions of the State Administrative Procedure Act, prior notice of the proposed amendment was published in the State Register on December 1, 1999. No other publication or prior notice is required by statute.
Neil D. Levin
Superintendent of Insurance
GREGORY V. SERIO
FIRST DEPUTY SUPERINTENDENT
Dated: March 1, 2000