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Legal Briefing
Draft Circular Letter from the New York Insurance Department regarding Contract Certainty
Practice Area: Non-Life
Sector: Business services
Jurisdiction: USA
Published: 11 January 2010
Law Firm: Dewey & LeBoeuf
Overview
The New York Insurance Department (the "Department") has issued a draft Circular Letter for comment regarding contract certainty. The draft Circular Letter provides clarification in response to industry questions following the October 2008 publication of Circular Letter 20, which imposed a 1-year deadline on insurers and producers doing business in New York to implement practices to assure that policy documentation was delivered to insureds within 30 days after inception of the policy. The Department is requesting comments by January 22, 2010.
The key points of clarification addressed by the Department are as follows:
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