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The Office of General Counsel issued the following opinion on November 21, 2003, representing the position of the New York State Insurance Department.

Re: Terrorism Exclusions in New York Insurance Policies

Question Presented:

Does New York permit terrorism exclusions in non-special risk insurance (Free Trade Zone) policies?

Conclusion:

New York permits terrorism exclusions in both special risk insurance (Free Trade Zone) and non-special risk insurance policies subject to the guidelines contained in Circular Letter No. 25 (Dec. 23, 2002).

Facts:

No facts are specified.

Analysis:

Circular Letter No. 25 (Dec. 23, 2002) provides guidelines for the use of terrorism exclusions regardless of whether a policy is issued on a special risk insurance (Free Trade Zone) or non-special risk insurance basis. A copy of Circular Letter No. 25 may be found on the Department’s website at http://www.ins.state.ny.us/cl02_25.htm.

For further information you may contact Principal Attorney Paul A. Zuckerman at the New York City Office.

Department of Financial Services

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