NOTE: WITHDRAWN EFFECTIVE AUGUST 25, 2006

SUPPLEMENT NO. 1 TO
CIRCULAR LETTER NO. 8 (1997)

MAY 21, 1998

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.