Decision Research Corporation (DRC), Honolulu,
Hawaii, announces that it has configured its
DecisionMakerTM Rating product to
accommodate the AAIS Agricultural General
Liability (AgGL) Program.
DecisionMaker is a callable service that utilizes actuarial modeling in
Microsoft Excel to generate rating and underwriting information.
("Callable services" allow computer users at one organization to
integrate software applications provided by another without having to
manually contact a website.)
DecisionMaker can calculate premiums immediately in response to quote
requests from user portals or policy systems. Users can maintain their
rules and rating information in a web-based administrative portal
available with the service.
For
information on DRC and its DecisionMaker quoting, policy, rating,
billing, and claims services, contact Terry Schwarting, sales executive,
at
terryschwarting@decisionresearch.com, or by calling 877-658-7458.
For
information on affiliating with AAIS for use of the
Agricultural General Liability Program,
contact Rick Maka, director of marketing, at
rickm@AAISonline.com, or by
calling 800-564-AAIS, ext. 222.
Insurers writing commercial lines insurance in
Michigan must respond as
soon as tomorrow to a directive that they report if rates and rules
for each of their commercial lines (including farm insurance) are
filed, exempt from filing requirements, or not written in Michigan.
In a letter
to carriers, the Office of Financial and Insurance Regulation directs
insurers to fill out and submit a one-page
worksheet listing 24 lines of
insurance. The letter, dated July 7, 2009, states that "we would like
you to respond within 30 days of receipt."
The purpose of the letter is to determine if
insurers are providing a required disclaimer on commercial polices that
are exempt from rate and rule filing requirements. Michigan law exempts
commercial insurance from such requirements as long as the disclaimer is
prominent.
While AAIS files its commercial lines rating
information in Michigan, each affected carrier must still fill out the
worksheet for its own final rates and rules.
Effective immediately, insurers in Minnesota must
file personal lines and certain commercial "certificate of insurance" forms with
the state's insurance commissioner.
According to a new
filing requirement from the commissioner's office, certificates of
insurance must contain a statement to the effect that a certificate or
memorandum of insurance does not modify the coverage provided by the
indicated policies.
Certificate forms provided by and returned to a
third party after being filled out by an insurer are exempt from the
filing requirement, as are certificate forms developed by ACORD and the
Insurance Services Office.
As of Jan. 1, 2010, homeowners insurers in Minnesota
must file their policy applications or other documentation for notifying
applicants that an insurer has the right to cancel coverage for any
reason within 60 days of issuing a policy. Details are in another
new filing requirement issued by the
insurance commissioner's office.
The June 2009 edition of the monthly PF&M
update includes a description and analysis of the latest revisions to
the AAIS Homeowners forms.
PF&M, a service of The Rough Notes Company, Carmel, Ind.,
provides regular analyses of standardized property/casualty policy
forms, including those developed by AAIS. The service is available
online to subscribers.
The AAIS
Homeowners forms underwent a comprehensive revision in most states
starting in 2006, and were updated in 2008 with new language addressing,
among other things, losses caused by water.
For
information on affiliating with AAIS for use of its Homeowners Program,
contact Rick Maka, AAIS director of marketing, at
rickm@AAISonline.com or by
calling 800-564-AAIS, ext. 222.
Under an arrangement with the Reinsurance
Association of America (RAA), staff from AAIS member companies can
attend reinsurance education programs at RAA member rates.
The remaining 2009
programs are:
-
Re Claims: Reinsurance Claims Management, September 24-25; and
-
Re Finance: The ABCs of Financial Reporting & Analysis for
Property/Casualty Insurers and Reinsurers, October 7-8.
Both of
these events are scheduled to be held in New York City.
For information about each program, or to register, go to
www.reinsurance.org/seminars. When registering, choose "member" as
your "registrant type" to get the tuition discount.
