[cabfpub] Pre-Ballot 133 - Insurance Requirements for EV Issuers

N. Atilla Biler atilla.biler at turktrust.com.tr
Thu Aug 28 11:21:33 UTC 2014


Hello Ben,

 

I have a few points to mention about the new text for BR Item 8.4 about insurance. In the previous drafts, only the newly proposed provisions were included with an effective date of “12 months after ballot adoption”. I’ve also included that text below. 

 

“

8.4. Insurance

Effective [12 months after ballot adoption], each CA SHALL maintain the following insurance:

(A) casualty insurance sufficient to cover damage or loss to CA systems due to fire, water, electrical failure, ornatural disaster; and

(B) non-contractual liability coverage of at least two million Euros (€2,000,000 per claim and in the aggregate) for financial loss to third parties arising out of a negligent act, error, or omission by the CA in issuing or

maintaining EV Certificates. Such insurance must not exclude coverage when providing public key infrastructure services and MUST be:

(i) maintained for all periods during which an EV Certificate issued by the CA is still valid (and if coverage is canceled or not renewed, the CA shall purchase an extended reporting period for such periods);

(ii) global in territorial coverage, except for countries sanctioned by the laws of the CA's jurisdiction; and

(iii) with an insurer having a financial strength rating of “good” or better by Standard & Poor’s, A.M. Best, Fitch, Moody’s, DBRS, Japan Credit Rating Agency, Creditreform, Scope Ratings, or another similarly recognized

insurance rating agency.

If available at reasonable cost, a CA SHOULD maintain coverage for damage or loss to data, software, systems, and for business interruption due to IT security failure, malware, network attack, criminal hacker, or theft.

A CA MAY self-insure for liabilities that arise from such party's performance and obligations under these Guidelines provided that it has at least five hundred million US dollars in liquid assets based on audited financial statements in the past twelve months, and a quick ratio (ratio of liquid assets to current liabilities) of not less than 1.0.

“

 

However, the new text under the pre-ballot draft attached suggests both the previous and the new models as alternatives until 1 October 2015, and solely the new model after that date.

 

So, does this mean that upon acceptation of the ballot with the new content, the new insurance model will immediately be acceptable (which is different than what was suggested by the previous draft)? This is especially important for us as we will renew our insurances as TURKTRUST within the following months.

 

Another important point is that, the current EV Guidelines in force do not impose a “territorial coverage” obligation for the insurance. However, drafts for the new insurance model include the following provision additionally:

 

“

(ii) global in territorial coverage, except for countries sanctioned by the laws of the CA's jurisdiction; and 

“

 

This seems to be not applicable under the insurance legislations of Turkey, even when using internationally graded insurance companies via insurance brokers. The reason is not only “the countries sanctioned by the laws” but also the insurance companies who do not accept to cover such a large territory, i.e. the whole world. We will check this requirement again in detail through our insurance companies and give a solid feedback to the Forum as soon as possible. 

 

This may also be valid for some other countries as well except Northern America or Europe, so I will kindly encourage those CAs to give feedback about this point according to their countries’ legislations. 

 

Best regards,

 

 

N. Atilla BILER

Business Development Manager

TURKTRUST Inc.

 

Address: Hollanda Cad. 696.Sok. No:7 Yildiz 06550 Cankaya / ANKARA - TURKEY

Phone   : +90 (312) 439 10 00

Mobile  : +90 (530) 314 24 05

Fax         : +90 (312) 439 10 01

E-mail    :  <mailto:atilla.biler at turktrust.com.tr> atilla.biler at turktrust.com.tr 

Web      :  <http://www.turktrust.com.tr/> www.turktrust.com.tr 

 

 

 

 

From: public-bounces at cabforum.org [mailto:public-bounces at cabforum.org] On Behalf Of Ben Wilson
Sent: 28 Ağustos 2014 Perşembe 02:01
To: public at cabforum.org (public at cabforum.org)
Subject: [cabfpub] Pre-Ballot 133 - Insurance Requirements for EV Issuers

 

Here is a pre-ballot draft of a proposal to modify the insurance requirements for Extended Validation Certificates.  

Attached is a PDF and it’s also posted here - https://cabforum.org/wiki/133%20-%20Insurance%20Requirements%20for%20EV%20Issuers 

I’m looking for two endorsers and/or comments.

Ballot 133 - Insurance Requirements for EV Issuers 

Motion: Ben Wilson made the following motion, and ______ and _________ endorsed it:

Rationale

The purpose of this ballot is to simplify the insurance requirements in section 8.4 of the EV Guidelines by replacing commercial general liability with ordinary casualty insurance and complicated third party coverage of $5 million with simpler €2 million liability insurance. This should make it easier for CAs to obtain insurance required by the EV Guidelines. 

-- MOTION BEGINS -- 

1. Amend the second paragraph of Section 8.1 as follows: 

If a court or government body with jurisdiction over the activities covered by these Guidelines determines that the performance of any mandatory requirement is illegal or would conflict with local law, then such requirement is considered reformed to the minimum extent necessary to make the requirement valid and legal. This applies only to operations, or certificate issuances, or insurance requirements that are subject to the laws of that jurisdiction. The parties involved SHALL notify the CA / Browser Forum of the facts, circumstances, and law(s) involved, so that the CA/Browser Forum may revise these Guidelines accordingly. 

2. Amend Section 8.4 as follows: 

8.4. Insurance 

Prior to 1 October 2015, eEach CA SHALL maintain the following insurance related to their its respective performance and obligations under these Guidelines: 

(A) (1) Casualty insurance sufficient to cover damage or loss to CA systems due to fire, water, electrical failure, or natural disaster, or (2) Commercial General Liability insurance (occurrence form) with policy limits of at least two million US dollars in coverage; and 

(B) (1) non-contractual liability coverage of at least two million Euros (€2,000,000 per claim and in the aggregate) for financial loss to third parties arising out of a negligent act, error, or omission by the CA in issuing or maintaining EV certificates, or (2) Professional Liability/Errors and Omissions insurance, with policy limits of at least five million US dollars in coverage, and including coverage for (i) claims for damages arising out of an act, error, or omission, unintentional breach of contract, or neglect in issuing or maintaining EV Certificates, and (ii) claims for damages arising out of infringement of the proprietary rights of any third party (excluding copyright, and trademark infringement), and invasion of privacy and advertising injury. 

Effective as of 1 October 2015, each CA SHALL maintain the insurance specified in sections (A)(1) and (B)(1) above. 

The insurance specified in subsection (B) SHOULD BE global in territorial coverage, except for countries sanctioned by the laws of the CA's jurisdiction 

Such insurance MUST NOT exclude coverage when providing public key infrastructure services and MUST be: 

(i) maintained for all periods during which an EV Certificate issued by the CA is still valid (and if coverage is canceled or not renewed, the CA shall purchase an extended reporting period for such periods); 

(ii) global in territorial coverage, except for countries sanctioned by the laws of the CA's jurisdiction; and 

(iii) with a company rated good or better by Standard & Poor's, A.M. no less than A- as to Policy Holder's Rating in the current edition of Best's Insurance Guide, Fitch, Moody's, DBRS, Japan Credit Rating Agency, Creditreform, Scope Ratings, or another similarly recognized insurance rating agency (or with an association of companies each of the members of which are so rated). 

If available at reasonable cost, a CA SHOULD maintain coverage for damage or loss to data, software, systems, and for business interruption due to IT security failure, malware, network attack, criminal hacker, or theft. 

A CA MAY self-insure for liabilities that arise from such party's performance and obligations under these Guidelines provided that it has at least five hundred million US dollars in liquid assets based on audited financial statements in the past twelve months, and a quick ratio (ratio of liquid assets to current liabilities) of not less than 1.0. 

-- MOTION ENDS -- 

 

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