New York Codes Rules Regulations (Last Updated: March 27,2024) |
TITLE 11. Insurance |
Chapter III. Policy and Certificate Provisions |
Subchapter B. Property and Casualty Insurance |
Part 72. Indemnification of Directors and Officers |
Sec. 72.4. Minimum schedule
Latest version.
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Type of corporation Minimum retention amounts Minimum coinsurance percentage Individual Aggregate (a) For corporations subject to the B.L. or B.C.L. (including insurance corporations, transportation corporations, etc. and with: (1) assets greater than $20,000,000: $5,000 $50,000 0.5% (2) assets greater than $10,000,000 up to $20,000,000: 4,000 40,000 0.4% (3) assets greater than $5,000,000 up to $10,000,000: 3,000 30,000 0.3% (4) assets of $5,000,000 or less: 2,000 20,000 0.2% (b) Corporations subject to the Cooperative Corporations Law: 100 1,000 0.1% (c) Corporations subject to the Religious Corporations Law: 100 1,000 0.1% (d) Corporations subject to the N–PCL 100 1,000 0.1%