What are the developments?
* Visa and MasterCard feel that they have resolved their potential Y2K glitches. Both have indicated that the necessary corrections have been made and have withdrawn restrictions on cards that expire in 2000 and beyond. There is a caution, however. Both companies suggest individual banks do testing first on their own systems prior to issuing cards. * The first Year 2000 lawsuit has been filed. * The Insurance Services Office (ISO) is reviewing all lines of insurance for Y2K issues. * The American Association of Insurance Services (AAIS) has filed endorsements for several personal and commercial lines that would exclude coverage or clarify existing exclusions for Y2K-related losses. AAIS’ new exclusions are worded so as to exclude property and liability losses resulting from the failure of a computer to distinguish or interpret any time or date, whether before and after the year 2000. The AAIS exclusions have a proposed effective date of March 8, 1998. In addition, AAIS plans to file an
