Rescission notice re: prior CSI Advisory Memo on defense expenses, defense within limits

COMMISSIONER OF SECURITIES & INSURANCE MATTHEW M. ROSENDALE, SR. OFFICE OF THE COMMISSIONER MONTANA STATE AUDITOR November 2, 2020 All Property and Casualty Insurance Companies in Montana RE: Rescinding advisory memorandum on form provisions limiting coverage of defense expenses, including defense within limits provisions – Montana Code § 33-1-502 (issued 1/23/2013) To Whom It May Concern: The advisory memorandum issued by the Office of the Montana State Auditor, Commissioner of Securities and Insurance (CSI), on January 23, 2013, titled “Form Provisions Limiting Coverage of Defense Expenses, Including Defense Within Limits Provisions – Montana Code § 33-1-502” is hereby rescinded. The advisory memorandum was detrimental to Montanans, most notably to small businesses desiring affordable cybersecurity coverages. Rescinding the memorandum opens the door to a more affordable, competitive, and consumer-friendly marketplace. Sincerely, Matthew M. Rosendale, Sr. Commissioner of Securities and Insurance Montana State Auditor