N.Y. Comp. Codes R. & Regs. tit. 11 § 72.3

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

Section 72.3 - Coinsurance

(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.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 72.3