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

(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.