N.Y. Comp. Codes R. & Regs. tit. 11 § 72.2

Current through Register Vol. 46, No. 45, November 2, 2024

Section 72.2 - Retention amounts

(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.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 72.2