Thursday, November 20, 2008

Circular Letter No. 26 (2008) -- RE: Notice provisions in liability policies; Chapter 388 of the Laws of 2008

The New York State Insurance Department has issued a slightly revised version of Circular Letter No. 26 (2008) regarding notice provisions in New York liability insurance policies. Click the image to the right to review that circular letter.

The circular letter reminds liability insurers doing business in New York:
The law takes effect on January 17, 2009 (180 days after it was signed by the Governor on July 21, 2008). The amendments apply to all liability policies (including renewals) issued or delivered in New York on or after the effective date of January 17, 2009, including policies issued in the excess line market. Liability insurers are reminded of the necessity of promptly revising their property/casualty insurance policy forms to comply with the bill’s significant amendments.
To see the minor revisions that were made to the draft letter that the Department circulated last month, click here (revisions are highlighted).

We're 58 days away from the January 17, 2009 implementation/effective date. I know URB has had an amendatory endorsement approved. Has anyone seen an approved ISO form yet?

[See my post of January 16, 2009 for a summary of Chapter 388's changes to the New York Insurance Law.]

1 comment:

product liability insurance said...

I have not seen an approved ISO form yet.. keep us update regarding the matter.