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

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 71.6

Current through Register Vol. 46, No. 12, March 20, 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.

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