reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 70 - Medical Malpractice Insurance Rate Modifications, Provisional Rates, Required Policy Provisions And Availability Of Additional Coverages › Section 70.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Medical
				  malpractice insurance, as used in this Part, means insurance against legal
				  liability of the insured and against loss, damage or expense incident to a
				  claim of such liability arising out of the death or injury of any person due to
				  medical or hospital malpractice by any licensed physician or hospital, as such
				  latter term is defined in section 5501 (b)  of the Insurance
				  Law.
(b) No-consent policy, as used
				  in this Part, means a policy which provides that the insurer has the sole
				  authority to settle any claim, up to the policy limits, without the consent of
				  the insured.
(c) Consent policy, as
				  used in this Part, means:
(1) a policy which
				  provides that the insurer may not settle any claim under the policy without the
				  consent of the insured; or
(2) a
				  policy which provides that if the insured shall refuse to consent to any
				  settlement or compromise recommended by the insurer and acceptable to the
				  claimant, and shall elect to contest the claim or proceeding, the damages
				  exceeding the amount the insurer would have been liable for, at the time the
				  claims or proceedings could have been settled or compromised, shall be the
				  liability of the insured to indemnify the insurer. Such policy may or may not
				  provide that the insured shall be liable to the insurer for defense costs
				  incurred by the insurer subsequent to any proposed settlement or compromise;
				  or
(3) a policy which contains a
				  provision concerning the consent of the insured, which has been approved by the
				  Insurance Department as being consistent with the intention of this
				  subdivision.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 70 - Medical Malpractice Insurance Rate Modifications, Provisional Rates, Required Policy Provisions And Availability Of Additional Coverages › Section 70.2 - No-consent policies

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every
				  insurer subject to this Part:
(1) shall offer
				  all applicants for medical malpractice insurance and all policyholders,
				  effective with the next anniversary date, the option of purchasing a no-consent
				  policy;
(2) may offer each
				  policyholder insured for medical malpractice prior to October 1, 1982, the
				  option of obtaining a policy endorsement converting the existing policy to a
				  no-consent policy.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 70 - Medical Malpractice Insurance Rate Modifications, Provisional Rates, Required Policy Provisions And Availability Of Additional Coverages › Section 70.3 - Consent policies

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every
				  insurer subject to this Part may offer all applicants for medical malpractice
				  insurance and all policyholders, effective with the next anniversary date, the
				  option of purchasing a consent policy.
(b) Any consent medical malpractice insurance
				  policy offered an insured by the insurer shall be offered, at the insured's
				  option, with or without a reasonable deductible or coinsurance
				  clause.
(c) The type or types of
				  consent policies offered to insureds shall be at the option of the
				  insurer.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 70 - Medical Malpractice Insurance Rate Modifications, Provisional Rates, Required Policy Provisions And Availability Of Additional Coverages › Section 70.4 - Rating

Current through Register Vol. 46, No. 28, July 10, 2024
Rates for no-consent and consent policies shall be subject
					 to article 8 of the Insurance Law, giving due consideration to reflect actual
					 and projected loss experience under the various options
					 afforded.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 70 - Medical Malpractice Insurance Rate Modifications, Provisional Rates, Required Policy Provisions And Availability Of Additional Coverages › Section 70.5 - Reduction of 1984-1985 physicians medical malpractice insurance rate levels, pursuant to 1985 medical malpractice reform act (chapter 294)

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Declaration of
				  purpose, legislative authority and findings.
(1) Enactment by the Legislature of chapter
				  294 of the Laws of 1985, introduced at the request of the Governor, is intended
				  to be significant action in the necessary reform of the medical malpractice
				  system. The Legislature intended that the provisions of the statute would
				  result in reduced costs of medical malpractice settlements and judgments and
				  their related loss adjustment expenses, in the following manner:
"By expediting case resolution, discouraging frivolous
					 claims and defenses, moderating attorney contingency fees, limiting the
					 opportunity for double recoveries, and requiring the periodic payment of large
					 future awards. . ." [L. 1985, ch. 294, section 1.]
(2) Section 2343 (a)  of the Insurance
				  Law, added by chapter 294 (section 16) directs the superintendent to evaluate
				  these changes in the medical malpractice system:
"Whereas the provisions of a chapter of the Laws of 1985
					 regarding medical and dental malpractice will have both a prospective and
					 retrospective effect upon the loss experience of physicians, dentists and
					 hospitals professional liability insurers, including the medical malpractice
					 insurance association, the superintendent is directed forthwith to review rates
					 previously in effect for the period commencing July 1, 1984 and ending June 30,
					 1985, and, where appropriate, require modification of such rates for such
					 period."
(3) The
				  superintendent has reviewed the probable retrospective effects of this statute
				  and has concluded that a reduction of 15 percent from the rates that were
				  previously approved for physicians medical malpractice policies issued from
				  July 1, 1984 through June 30, 1985 will result in an appropriate and necessary
				  modification of such rates. The basis for this determination is set forth
				  below.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 70 - Medical Malpractice Insurance Rate Modifications, Provisional Rates, Required Policy Provisions And Availability Of Additional Coverages › Section 70.6 - Provisional rates for the period commencing july 1, 1985 and ending on november 30, 1985: required endorsement

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Section
				  70.5(c)(1) 
				  of this Part directs all insurers writing physicians medical malpractice
				  insurance to apply a 15-percent downward modification to reduce previously
				  approved rates for all policies issued from July 1, 1984 through June 30, 1985.
				  Pursuant to new section 2343 (b)  of the Insurance
				  Law:
"Any such modified rate shall remain in effect as a
					 provisional rate for the period commencing July 1, 1985 and ending on November
					 30, 1985. The superintendent, subsequent to December 1, 1985, shall approve
					 final rates for the period commencing July 1, 1985 and ending June 30, 1986. No
					 insurer shall have the duty to file for final rates for the period commencing
					 July 1, 1985 prior to December 1, 1985."
The provisional rate for July 1, 1985 through November 30,
					 1985 required by section 2343 (b)  of the Insurance
					 Law is the modified rate that has been directed in section
					 70.5(c)(1) 
					 of this Part.
(b) All
				  insurers that issue policies of physicians medical malpractice liability
				  insurance, as defined in section
				  70.1(a) 
				  of this Part, and all insurers with permits under section 6302 
				  of the Insurance Law that issue policies, including such coverage of
				  physicians, shall furnish their insureds with the followng endorsement in
				  connection with all such policies in effect on and after July 1, 1985:
"THE PREMIUMS ON THIS POLICY FOR THE PERIOD OF COVERAGE
					 COMMENCING ON OR AFTER JULY 1, 1985 THROUGH NOVEMBER 30, 1985 ARE PROVISIONAL
					 AND ARE SUBJECT TO UPWARD OR DOWNWARD ADJUSTMENT. INSUREDS MAY BE REQUIRED TO
					 PAY AN AMENDED PREMIUM RETROACTIVE TO JULY 1, 1985, OR THE ANNIVERSARY DATE OF
					 THE POLICY, WHICHEVER IS LATER OR BE ENTITLED TO A CREDIT IF IT IS DETERMINED
					 THAT A DOWNWARD ADJUSTMENT IS NECESSARY IN ORDER TO MEET STATUTORY RATING
					 STANDARDS."
(c) Compliance.
				  A copy of this endorsement shall be mailed or furnished to all insureds and
				  additional named insureds forthwith, but in no event later than August 1, 1985
				  or concurrently with all policies issued or renewed.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 70 - Medical Malpractice Insurance Rate Modifications, Provisional Rates, Required Policy Provisions And Availability Of Additional Coverages › Section 70.7 - Availability of coverages for excess of primary levels of insurance; rates for such excess coverages; requirements for medical malpractice insurers

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1) Section 3437  of the Insurance Law
				  provides that:
"(a) Every authorized insurer
				  which issues a policy of medical or dental malpractice insurance with primary
				  levels of insurance in an amount equal to or greater than $1 million for each
				  claimant under that policy and $3 million for all claimants under that policy
				  in any one year must make available, and, if requested by the policyholder,
				  provide coverage of at least $1 million per claimant and $3 million for all
				  claimants in excess of such primary levels of insurance. Such insurers shall,
				  subject to the approval of the superintendent, make available and, if requested
				  by the policyholder, provide additional excess coverage in an amount requested
				  by such policyholder.
(b) With
				  respect to the excess coverage and additional excess coverage required to be
				  made available on and after July 1, 1985 by subsection (a) of this section, the
				  superintendent shall establish and promulgate provisional rates to be charged
				  for such excess coverage and additional excess coverage. The superintendent,
				  subsequent to December 1, 1985, shall approve final rates for such excess
				  coverage and additional excess coverage for the period commencing July 1, 1985
				  and ending June 30, 1986. No insurer shall have the duty to file for final
				  rates for such excess coverage or additional excess coverage for the period
				  commencing July 1, 1985 prior to December 1, 1985."
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 70 - Medical Malpractice Insurance Rate Modifications, Provisional Rates, Required Policy Provisions And Availability Of Additional Coverages › Section 70.22 - Physicians and surgeons medical malpractice policy provisions for the period commencing July 1, 2000; established rates

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Section 40 of chapter 266 of the Laws of
				  1986, as amended by section 10 of part JJ of chapter 407 of the Laws of 1999,
				  requires the superintendent to establish rates for physicians and surgeons
				  medical malpractice policies for the policy period July 1, 2000, through June
				  30, 2001, and establish a surcharge, of up to eight percent, on the rates for
				  such medical malpractice policies for the policy period July 1, 2000, through
				  June 30, 2001, if required to satisfy any deficiency for the policy periods
				  July 1, 1985, through June 30, 1999.
(b)
(1)
				  Pursuant to part JJ of chapter 407 of the Laws of 1999, as amended by chapter
				  147 of the Laws of 2000, section 5502 (c)  of the Insurance Law was amended to
				  provide for the dissolution of the Medical Malpractice Insurance Association
				  (MMIA) at such time and under such conditions as the superintendent deems
				  proper. As part of that dissolution process, MMIA ceased issuing and renewing
				  policies effective July 1, 2000.
(2) As required by part JJ, the New York
				  Medical Malpractice Insurance Plan (plan) has been established, pursuant to 11
				  NYCRR 430 (Regulation 170), to provide for the equitable distribution, to
				  authorized medical malpractice insurers writing such coverage in New York, of
				  the insureds of MMIA and health care practitioners and facilities which are
				  otherwise unable to secure coverage in the voluntary market following the
				  dissolution of MMIA.
(3) Part JJ
				  further requires that, upon initial distribution to the voluntary market,
				  insureds of MMIA received policies with provisions and rates which are at least
				  as favorable to the insured as those which they would have received if they
				  were issued a renewal policy by MMIA.
(4) Therefore paragraph (d)(5) of this
				  section contains the established rates to be used for insureds distributed
				  through the plan.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 71 - Legal Defense Costs In Liability Policies › Section 71.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part, the following definitions shall
					 apply:
(a) Legal defense costs means
				  allocated attorney and all other litigation expenses that can be separately
				  identified as arising from the defense of a specific claim.
(b) Liability insurance policy means any
				  insurance policy covering liability, even if it also contains other types of
				  coverage.
(c) Issue shall include
				  issue for delivery.
(d) Commercial
				  risk insurance means insurance as defined in section 107 (a)(47)  of the Insurance
				  Law.
(e) Public entity has the
				  meaning contained in section 107 (a)(51)  of the Insurance
				  Law.
(f) Not-for-profit
				  organization means a corporation, association, organization or trust described
				  in section 501(c)(3) of the United States Internal Revenue Code.
(g) Large commercial insured means a
				  commercial risk policy insured that:
(1) has
				  a net worth of at least $7,500,000, as determined by an independent certified
				  public accountant, as of the insured's fiscal year end immediately preceding
				  the policy's effective date;
(2)
				  has gross assets exceeding $25,000,000 and a net worth of at least $1,500,000,
				  as determined by an independent certified public accountant, as of the
				  insured's fiscal year end immediately preceding the policy's effective
				  date;
(3) is a for-profit business
				  entity that generates annual gross revenues exceeding $25,000,000, and has a
				  net worth of at least $1,500,000, as determined by an independent certified
				  public accountant, as of the insured's fiscal year end immediately preceding
				  the policy's effective date;
(4) is
				  a for-profit business entity that has gross assets exceeding $25,000,000 and
				  generates annual gross revenues exceeding $25,000,000, as determined by an
				  independent certified public accountant, as of the insured's fiscal year end
				  immediately preceding the policy's effective date; or
(5) is a not-for-profit organization or
				  public entity with an annual budget exceeding $25,000,000 for each of its three
				  fiscal years immediately preceding the policy's effective date.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 71 - Legal Defense Costs In Liability Policies › Section 71.2 - General prohibition

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No
				  liability insurance policy, except as specified in this Part, shall be issued
				  or renewed in this State containing a provision that:
(1) reduces the limits of liability stated in
				  the policy by legal defense costs;
(2) permits legal defense costs to be applied
				  against the deductible, if any; or
(3) otherwise limits the availability of
				  coverage for legal defense costs.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 71 - Legal Defense Costs In Liability Policies › Section 71.3 - Exceptions to general prohibition

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A liability insurance policy which
				  contains a provision that reduces the limits of liability stated in the policy
				  by the costs of legal defense, may be issued or renewed in this State only for
				  the types of risks or coverages, and minimum limits, specified in subdivision
				  (d) of this section. Unless the policy provides the insured with control of the
				  defense, as specified in subdivision (c) of this section, legal defense costs
				  charged against the stated limits of liability shall not exceed 50 percent of
				  such limits and, except for the offset against the deductible authorized by
				  subdivision (b) of this section, the insurer shall assume any legal defense
				  costs over the amount or percentage specified in the policy.
(b) A liability insurance policy which
				  contains a provision permitting legal defense costs to be applied against the
				  deductible may be issued or renewed in this State only for the types of risks
				  or coverages, and minimum limits, specified in subdivision (d) of this section.
				  Unless the policy provides the insured with control of the defense, as
				  specified in subdivision (c) of this section, the legal defense costs assumed
				  by or charged to the insured shall not exceed 50 percent of such deductible
				  and, except for the offset against the policy limits authorized by subdivision
				  (a) of this section, the insurer shall assume any legal defense costs over the
				  amount or percentage specified in the policy in regard to such
				  deductible.
(c) The percentage
				  limitation specified in subdivisions (a) and (b) of this section may be omitted
				  if the policy provides that the insured shall have the option to:
(1) select the defense attorney or to consent
				  to the insurer's choice of defense attorney, which consent shall not be
				  unreasonably withheld;
(2)
				  participate in, and assist in the direction of, the defense of any claim;
				  and
(3) consent to a settlement,
				  which consent shall not be unreasonably withheld.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 71 - Legal Defense Costs In Liability Policies › Section 71.4 - Separate defense limit

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A liability
				  insurance policy that provides for payment of legal defense costs under a
				  separate defense limit, as specified in subdivision (b) of this section, may be
				  issued or renewed in this State.
(b) The policy shall provide coverage for
				  pollution liability or environmental impairment and shall be issued or renewed
				  to an owner or operator of underground storage tanks in order to satisfy the
				  financial responsibility requirements promulgated by the Federal Environmental
				  Protection Agency.
(c) The policy
				  shall provide that:
(1) There shall be a per
				  claim liability limit, and there may be an annual aggregate limit, subject to
				  the following minimum limits:
Type of
								  insured
Monthly facility throughput
								  (gallons)
No. of
								  tanks
Minimum
								  limits
Per
								  claim
Annual
								  aggregate
Petroleum Nonmarketer
10,000 or less
100 or less
$ 500,000
$1,000,000
10,000 or less
101 or more
$ 500,000
$2,000,000
10,001 or more
100 or less
$1,000,000
$1,000,000
10,001 or more
101 or more
$1,000,000
$2,000,000
Petroleum Marketer
N/A
100 or less
$1,000,000
$1,000,000
N/A
101 or more
$1,000,000
$2,000,000
(2)
				  The per claim liability limit and any annual aggregate limit shall not be
				  reduced by the payment of legal defense costs.
(3) The separate defense limit shall:
(i) apply to each claim in an amount at least
				  50 percent of the per claim liability limit applicable to such claim;
(ii) for policies without an annual aggregate
				  limit, apply to all claims in an amount no less than the per claim liability
				  limit; or
(iii) for policies with
				  an annual aggregate limit, if the insurer simultaneously offers the insured the
				  option of purchasing a separate defense limit in an amount at least 50 percent
				  of the annual aggregate limit, apply to all claims in an amount equal to the
				  greater of 25 percent of the annual aggregate limit or $500,000.
(4) If the per claim liability
				  limit or any annual aggregate limit becomes exhausted, the insurer shall pay no
				  further defense costs even if the separate defense limit has not been
				  exhausted.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 71 - Legal Defense Costs In Liability Policies › Section 71.6 - Accounting

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Where a
				  liability insurance policy is issued or renewed pursuant to this Part, the
				  insurer shall notify the insured of the insured's right, upon written request,
				  to an accounting of legal defense costs actually expended.
(b) Any policy issued or renewed pursuant to
				  section
				  71.4  of
				  this Part shall provide that, if 50 percent or more of the separate defense
				  limit is utilized, written notification of the amount of defense coverage
				  remaining under the policy shall be provided to the insured as soon as
				  practicable, and the insurer shall again provide such notification at the 75
				  percent and 100 percent utilization levels.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 71 - Legal Defense Costs In Liability Policies › Section 71.7 - Cost offset

Current through Register Vol. 46, No. 28, July 10, 2024
The premium and rate for any policy issued or renewed in
					 this State permitted pursuant to this Part shall be commensurate with the
					 coverage provided.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 71 - Legal Defense Costs In Liability Policies › Section 71.8 - Exemptions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This Part shall
				  not apply to aircraft liability policies, fidelity and surety policies, nuclear
				  liability policies, marine protection and indemnity policies, or policies
				  issued or renewed pursuant to section 1116  of the Insurance Law respecting
				  prepaid legal services plans.
(b)
				  No policy issued or renewed pursuant to section
				  71.4  of
				  this Part shall qualify for exemption from filing under section 6301  of the Insurance Law.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 72 - Indemnification Of Directors And Officers › Section 72.1 - Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Section 727 (a)(3)  of the Business Corporation Law (B.C.L.), section 727(a)(3) of the
				  Not- for-Profit Corporation Law (N-PCL) and section 7024 (a)(3)  of the Banking
				  Law (B.L.) give a corporation the power to obtain insurance for the purpose of
				  indemnifying its directors and officers in instances in which they may not
				  otherwise be indemnified by the corporation under the provisions of B.C.L.
				  article 7, N-PCL article 7 and B.L. title 7, provided that the contract of
				  insurance indemnifying such corporate directors and officers, or "D&O
				  indemnification policy." includes a retention amount (or deductible) and
				  coinsurance, in a manner acceptable to the Superintendent of
				  Insurance.
(b) No retention amount
				  or coinsurance is required where:
(1)
				  directors or officers may be indemnified by the corporation pursuant to those
				  provisions of B.C.L. article 7, N-PCL article 7 or B.L. title 7, other than
				  those specified in subdivision (a) of this section;
(2) an indemnification policy is issued to,
				  and for, the corporation itself; or
(3) an indemnification policy is issued
				  directly to a director or officer of a corporation.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 72 - Indemnification Of Directors And Officers › Section 72.2 - Retention amounts

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A D&O
				  indemnification policy issued pursuant to B.C.L. section 727(a)(3), N-PCL
				  section 727(a)(3) or B.L. section 7024(a)(3) shall provide for individual and
				  aggregate retention amounts that are no less than the applicable individual and
				  aggregate amounts, respectively, set forth in section
				  72.4 
				  of this Part.
(b) In the event that
				  the total of the individual retention amounts, for all directors and officers
				  covered under an indemnification policy who have been found liable or who have
				  been included in a settlement, exceeds the applicable aggregate contained in
				  the policy, then the minimum individual retention amount chargeable to each
				  such director or officer shall be the applicable aggregate limit divided by
				  that total, but the minimum individual retention amount shall in no event be
				  reduced below 75 percent of the amount set forth in section
				  72.4 
				  of this Part.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 72 - Indemnification Of Directors And Officers › Section 72.3 - Coinsurance

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A D&O
				  indemnification policy issued pursuant to B.C.L. section 727(a)(3), N-PCL
				  section 727(a)(3) or B.L. section 7024(a)(3) shall make each director or
				  officer a coinsurer of any net (less retention amount) loss, for the first
				  $1,000,000 of coverage, to an extent no less than the applicable percentage set
				  forth in section
				  72.4 
				  of this Part.
(b) A D&O
				  indemnification policy may provide that the director or officer shall be a
				  coinsurer of the loss, in an amount or proportion to be agreed upon between the
				  insurer and the corporation, for that part of a net loss exceeding
				  $1,000,000.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 72 - Indemnification Of Directors And Officers › Section 72.4 - Minimum schedule

Current through Register Vol. 46, No. 28, July 10, 2024
Type of
								corporation
Minimum retention
								amounts
Minimum coinsurance
								percentage
Individual
Aggregate
(a)
For corporations subject to the B.L. or B.C.L.
								(including insurance corporations, transportation corporations, etc. and
								with:
(1) assets greater than $20,000,000:
$5,000
$50,000
0.5%
(2) assets greater than $10,000,000 up to
								$20,000,000:
4,000
40,000
0.4%
(3) assets greater than $5,000,000 up to
								$10,000,000:
3,000
30,000
0.3%
(4) assets of $5,000,000 or less:
2,000
20,000
0.2%
(b)
Corporations subject to the Cooperative Corporations
								Law:
100
1,000
0.1%
(c)
Corporations subject to the Religious Corporations
								Law:
100
1,000
0.1%
(d)
Corporations subject to the N-PCL
100
1,000
0.1%
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 73 - Claims-made Policies; Scope Of Application; Minimum Standards › Section 73.2 - Types of coverages and risks

Current through Register Vol. 46, No. 28, July 10, 2024
Claims-made coverage any not be provided in any policy
					 issued or renewed in this State, except that:
(a) The following coverages or risks may be
				  written on a claims-made basis:
(1) completed
				  operations liability;
(2) directors
				  and officers liability;
(3)
				  employee benefits liability;
(4)
				  errors and omissions liability;
(5)
				  excess liability;
(6) fiduciary
				  liability;
(7) pollution and
				  environmental impairment liability;
(8) public entity liability;
(9) products liability;
(10) professional liability (including
				  medical malpractice liability);
(11) ski resort liability, subject to
				  subdivision (f) of this section;
(12) employment practices liability;
				  and
(13) risks specified in
				  paragraph (d)(1) of this section.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 73 - Claims-made Policies; Scope Of Application; Minimum Standards › Section 73.3 - Terms and conditions of claims-made policies

Current through Register Vol. 46, No. 28, July 10, 2024
Except as provided in section
					 73.2(d) 
					 of this Part, no claims-made liability insurance policy shall be issued or
					 renewed in this State, unless the policy and the issuing insurer comply with
					 the following minimum standards:
(a) A
				  claim will be deemed first made when the insurer receives written notice of a
				  claim or suit from the insured or a third party, but this shall not preclude an
				  insurer from utilizing written notice of incident as the trigger of coverage
				  under the policy.
(b) A retroactive
				  date may not be changed during the term of the claims-made relationship and any
				  extended reporting period.
(c)
(1) Upon termination of coverage, extended
				  reporting period coverage required by this Part must be available for any
				  claims-made liability coverage provided under the policy.
(2) Upon termination of coverage pursuant to
				  section
				  73.1(n)(2) 
				  of this Part, extended reporting period coverage when required shall apply only
				  in regard to that coverage terminated.
(3) For policies issued or renewed pursuant
				  to section
				  73.2(d)(1) 
				  of this Part, extended reporting period coverage need not be offered upon
				  termination of coverage pursuant to section
				  73.1(n)(2) 
				  of this Part.
(4) Except as
				  otherwise permitted by this Part, endorsements restricting extended reporting
				  period coverage are prohibited.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 73 - Claims-made Policies; Scope Of Application; Minimum Standards › Section 73.4 - Terms and conditions of medical malpractice policies other than for physicians

Current through Register Vol. 46, No. 28, July 10, 2024
In addition to the requirements contained in section
					 73.3 
					 of this Part, except subdivisions (f) through (g) of such section, all
					 claims-made medical malpractice policies, other than for physicians, issued or
					 renewed in this State, shall meet the following minimum requirements:
(a) Upon termination of coverage, an insurer
				  must offer the insured an extended reporting period providing coverage for an
				  unlimited time period.
(b) Upon
				  termination of coverage, an insurer shall provide the extended reporting period
				  coverage required by subdivision (a) of this section, without charging an
				  additional premium, if, while covered by the policy, the insured:
(1) dies;
(2) becomes permanently disabled and is
				  unable to carry out his or her practice; or
(3) retires permanently and totally from
				  practice after attaining the age of 65 or older and has been insured on a
				  claims-made basis with the same insurer for a period of five or more
				  consecutive years.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 73 - Claims-made Policies; Scope Of Application; Minimum Standards › Section 73.5 - Terms and conditions of medical malpractice policies for physicians

Current through Register Vol. 46, No. 28, July 10, 2024
In addition to the requirements contained in section
					 73.3 
					 of this Part, except subdivisions (b) and (f) through (h) of such section, all
					 claims-made medical malpractice policies for physicians licensed in this State,
					 which are issued or renewed in this State, shall comply with the following
					 minimum requirements:
(a) A
				  retroactive date may not be changed during the term of the physician
				  claims-made relationship and any extended reporting period.
(b) Upon termination of coverage:
(1) An insurer shall offer the insured an
				  extended reporting period providing coverage for an unlimited time
				  period.
(2) The extended reporting
				  period coverage shall provide an annually renewed aggregate liability limit
				  equal to at least 100 percent of the policy's annual aggregate liability limit,
				  except that the annually renewed aggregate liability limit need not be provided
				  where a simultaneous extended reporting period is issued, pursuant to section
				  70.8(g)(2) 
				  of this Title.
(3) The insured
				  shall have the option of purchasing such extended reporting period coverage
				  either in a single payment or in three annual installments with an additional
				  finance charge.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 73 - Claims-made Policies; Scope Of Application; Minimum Standards › Section 73.6 - Intercompany transfer mechanism for medical malpractice policies for physicians

Current through Register Vol. 46, No. 28, July 10, 2024
(a) If
				  claims-made coverage of an insured physician who continues to practice in this
				  State is transferred from an authorized insurer to another authorized insurer
				  without any gap in coverage, the former entity shall pay over to the successor
				  an actuarially appropriate dollar amount to provide for the requirements of
				  section
				  73.5 
				  of this Part, and the insured shall be entitled to the benefits of such section
				  as if such insured had been continuously covered by the successor entity during
				  the entire period of consecutive years of coverage.
(b) If claims-made coverage of an insured
				  physician is transferred from an insurer in liquidation to an authorized
				  insurer not in liquidation without any gap in coverage, then the successor
				  entity shall accept the amounts payable from the property/casualty insurance
				  security fund as provided in Insurance Law, section
				  7603(a)(1)(G), to provide
				  for the requirements of section
				  73.5 
				  of this Part and subdivision (a) of this section, and the insured shall be
				  entitled to such benefits as if such insured had been continuously covered by
				  the successor entity during the entire period of consecutive years of
				  coverage.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 73 - Claims-made Policies; Scope Of Application; Minimum Standards › Section 73.7 - Disclosure and notice requirements

Current through Register Vol. 46, No. 28, July 10, 2024
Every claims-made liability insurance policy issued or
					 renewed in this State shall contain the following minimum disclosure and notice
					 requirements:
(a) The policy
				  application and the declaration page, or addenda thereto, shall contain a
				  notice, conspicuously displayed, stating:
(1)
				  that the policy is, or identifying those portions of the policy that are,
				  written on a claims-made basis;
(2)
				  that the policy provides no coverage for claims arising out of incidents,
				  occurrences or alleged wrongful acts which took place prior to the retroactive
				  date stated in the policy;
(3) that
				  the policy covers only claims actually made against the insured while the
				  policy remains in effect (or incidents reported if the insurer utilizes written
				  notice of incident as the trigger of coverage under the policy) and all
				  coverage under the policy ceases upon the termination of the policy, except for
				  the automatic extended reporting period coverage (required by section
				  73.3[d] 
				  of this Part), unless the insured purchases additional extended reporting
				  period coverage;
(4) the length of
				  any automatic or additional extended reporting period coverage and, unless such
				  coverage is for an unlimited time period, there shall also be a statement
				  advising the insured specifically of potential coverage gaps that may arise
				  upon expiration of such extended reporting period coverage; and
(5) that, during the first several years of
				  the claims-made relationship, claims-made rates are comparatively lower than
				  occurrence rates, and that the insured can expect substantial annual premium
				  increases, independent of overall rate level increases, until the claims-made
				  relationship reaches maturity.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 73 - Claims-made Policies; Scope Of Application; Minimum Standards › Section 73.8 - Exemptions

Current through Register Vol. 46, No. 28, July 10, 2024
This Part shall not apply to aircraft liability policies,
					 fidelity and surety policies, nuclear liability policies, or marine indemnity
					 and protection policies.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 73 - Claims-made Policies; Scope Of Application; Minimum Standards › Section 73.9 - Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The minimum
				  standards set forth in this Part shall apply to every new claims-made policy
				  issued on or after August 1, 1986 and to every existing claims-made policy
				  renewed on or after October 1, 1986.
(b) The first amendment to this Part shall be
				  applicable to every claims-made policy issued or renewed on or after the
				  effective date of this amendment, except that this entire Part, as amended,
				  shall be applicable to medical malpractice policies for physicians issued or
				  renewed on or after July 1, 1986 and to medical malpractice policies for
				  certified nurse midwives issued or renewed on or after October 1,
				  1986.
(c) The second amendment to
				  this Part shall be applicable to new policies issued on or after October 1,
				  1987 and existing policies renewed on or after December 1, 1987.
(d) The third amendment to this Part shall
				  apply to policies issued or renewed on or after July 1, 1993.
(e) The fourth amendment to this Part shall
				  be applicable to policies issued or renewed on or after August 1,
				  1997.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 74 - Homeowners Insurance Disclosure Information And Other Notices › Section 74.0 - Introduction and purpose

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1) Chapter 44 of the Laws of 1998 enacted a
				  new section 3445  of the Insurance Law, requiring the
				  superintendent to establish by regulation disclosure requirements with respect
				  to the operation of any deductible in a homeowners insurance policy or dwelling
				  fire personal lines policy that applies as the result of a windstorm. Further,
				  section 3445 requires such regulation to prescribe the form of a notice to be
				  provided by an insurer to an insured and provides that the notice shall explain
				  in clear and plain language the amount of the deductible, the circumstances
				  under which the deductible applies and any other matters which the
				  superintendent, in his or her discretion, shall deem necessary or
				  appropriate.
(2) This Part sets
				  standards for the uniform display of windstorm deductibles, which consist of
				  hurricane and non-hurricane deductibles, in the policy declarations; and
				  provides the minimum provisions to be contained in the policyholder disclosure
				  notice, which will explain the purpose and operation of the hurricane
				  deductible, and must accompany new and renewal policies containing such
				  deductibles.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 74 - Homeowners Insurance Disclosure Information And Other Notices › Section 74.1 - Policyholder disclosure

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every
				  homeowner's and dwelling fire personal lines policy containing a hurricane
				  deductible shall display the applicable percentage amount and corresponding
				  dollar amount of the hurricane deductible in the policy declarations. The
				  non-hurricane deductible, as well as any deductible applicable to all other
				  covered perils, may be shown as a dollar amount only. The hurricane deductible
				  provisions shall be shown in close proximity to the non-hurricane deductible
				  provisions and shall be given equal or greater prominence as the non-hurricane
				  deductible provisions applicable to the policy.
(b) Every homeowner's and dwelling fire
				  personal lines policy containing a hurricane deductible shall be accompanied by
				  a policyholder notice, to be filed with the Insurance Department, and which
				  shall contain the following minimum information:
(1) a prominent announcement that the
				  accompanying policy is subject to a hurricane deductible;
(2) a clear explanation that a hurricane
				  deductible means the amount for which the policyholder is responsible in the
				  event of a covered loss caused by a hurricane;
(3) a plain-language explanation of the
				  coverage part or parts subject to the hurricane deductible and of whether the
				  hurricane deductible applies separately to each coverage part or in the
				  aggregate to total losses under all affected coverage parts;
(4) a statement that a clear display of the
				  actual dollar amount as well as a description of the hurricane deductible as a
				  percentage of the insured value can be found on the declarations
				  page;
(5) generic examples of how
				  sample deductible amounts would apply to some theoretical loss scenarios,
				  including losses smaller than and greater than the deductible amount;
(6) a clear explanation of the event which
				  shall trigger the hurricane deductible;
(7) a clear explanation of the time period
				  during which the hurricane deductible will be triggered; and
(8) a clear explanation that, if a coverage
				  part limit of liability or policy limit of liability is changed (for example,
				  due to contractual inflation protection provisions, adjustments reflecting
				  changes in replacement cost or a request by the insured), then the dollar
				  amount of the deductible will be changed based on the amount of the new limit
				  of liability.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 74 - Homeowners Insurance Disclosure Information And Other Notices › Section 74.2 - Insurer cancellation, nonrenewal and conditional renewal notices

Current through Register Vol. 46, No. 28, July 10, 2024
Every notice of cancellation, nonrenewal or conditional
					 renewal issued on or after November 23, 2006 for a homeowners insurance policy
					 as defined in section 2351 (a)  of the Insurance
					 Law insuring property that may be eligible for participation in a market
					 assistance program established by the superintendent for the purpose of
					 facilitating placement of homeowners insurance shall advise the insured of the
					 availability of the market assistance program and the availability of coverage
					 through NYPIUA for insurance. The notice shall be conspicuous and provide
					 sufficient information on how to apply to the market assistance program and to
					 NYPIUA, including the name, address, telephone number and website address of
					 the administrator of the market assistance program and of
					 NYPIUA.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 74 - Homeowners Insurance Disclosure Information And Other Notices › Section 74.3 - Nypiua notices

Current through Register Vol. 46, No. 28, July 10, 2024
On and after November 23, 2006, with respect to a NYPIUA
					 policyholder whose insured property is located in an area served by a market
					 assistance program established by the superintendent for the purposes of
					 facilitating placement of homeowners insurance, upon issuance or renewal of the
					 policy, NYPIUA shall provide the notice required by section 5403 (d)  of the Insurance
					 Law and this section. The notice shall be conspicuous and provide sufficient
					 information on how to apply to the market assistance program including the
					 name, address, telephone number and website address of the administrator of the
					 market assistance program.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 75 - Standards For Insurance That Qualifies For The Environmental Remediation Insurance Tax Credit › Section 75.0 - Introduction

Current through Register Vol. 46, No. 28, July 10, 2024
Section 3447  of the Insurance Law provides that the
					 superintendent is authorized to promulgate regulations relating to the
					 certification of policies of insurance that qualify for the environmental
					 remediation insurance tax credit provided for under section 23  of the Tax Law. This Part provides
					 guidance for insurers as to the minimum standards for environmental remediation
					 insurance coverages that will enable an insurer to certify that the coverages
					 qualify for the environmental remediation insurance tax credit provided for
					 under section 23  of the Tax Law. This Part also provides
					 the requirements for disclosure of the premiums paid for the coverages under
					 section 3447 (b)  of the Insurance
					 Law to enable the insured to obtain the appropriate tax credit.