N.Y. Comp. Codes R. & Regs. tit. 11 § 262.5

Current through Register Vol. 46, No. 36, September 4, 2024

Section 262.5 - Defense of criminal proceedings

(a) No policy of legal services insurance may provide defense coverage in a criminal proceeding, except as provided in subdivision (b) of this section.

(b)

(1) For the purposes of this subdivision, a corporation shall mean a corporation subject to the provisions of Business Corporation Law, section 726, Not-for-Profit Corporation Law, section 726, or Banking Law, section 7023, or a corporation that, if it were a New York corporation, would be subject to one of said sections.

(2) A directors and officers liability insurance policy that provides indemnification for the acts of an officer or director of a corporation, as such term is defined in paragraph (1) of this subdivision, may provide legal services insurance coverage in a criminal proceeding, to the extent permitted by the applicable corporate statute.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 262.5