|
|
|
|
|
|
The 20th edition of the AAIS
Compliance Guide
will be released this Friday, Oct. 2, 2009. The guide will be issued
online to all AAIS affiliated companies through the AAISdirect
Internet service.
The Compliance Guide is a comprehensive
resource of information on rate and form filing requirements, plus
other regulatory compliance information, for all 50 states, the
District of Columbia, and Puerto Rico. (This resource was called the
State Filings Guide until renamed in 2007.)
The guide is being reissued in its entirety, and
has been expanded with two new sections:
-
A "Confidential Filings Request"
section has been added to provide an overview of state
requirements for filed materials to be considered confidential;
and
-
A "Sample Letters" section has been added to
provide information that companies could include in their
letters when seeking to adopt an AAIS filing.
Among the revisions to existing content is an
updated list of states that require filings to be made using
"SERFF," the System for Electronic Rate and Form Filing developed by
the National Association of Insurance Commissioners (NAIC). There is
also information on states that have adopted the NAIC's policy
coding matrix and/or implemented electronic funds transfer ("EFT").
Also, an updated section on "Applications,
Binders, and Certificates of Insurance" is included with the
permission of ACORD, Inc.
The Compliance Guide is provided for no
additional charge to all AAIS affiliated companies. Non-AAIS
companies interested in purchasing the Compliance Guide will find an
order form
online.
Laura Lemke, supervisor of state filings, and
Norma Jean Knight, senior filings and compliance specialist, will be
at the AICP Annual Conference, Oct. 4-7, in Phoenix.
They will be there with Joyce Tignino, vice
president of marketing and industry relations; Joyce will be at
booth 19. To arrange contact with them, contact Joyce at
joycet@AAISonline.com, or
by calling 800-564-AAIS, ext. 236.
A recent
bulletin
from the Alabama Department of Insurance indicates that insurers must
provide windstorm mitigation premium credits for all insured one- or
two-family dwellings, whether owner-occupied or not.
The bulletin interprets a recent Alabama law,
reported in a previous
Advisory, that takes effect May 1, 2010. That law requires
admitted insurers to provide windstorm premium discounts or rate
reductions on residences in counties along Mobile Bay or the Gulf of
Mexico that have been built or remodeled to resist damage from
hurricanes and other catastrophic windstorms.
In light of the latest bulletin, the requirements
apply to one- or two-family dwellings insured under the following AAIS
programs: Agricultural Output, Businessowners, Commercial Output,
Commercial Output XL, Dwelling Properties, Farm Properties, Farmowners,
Homeowners, and Mobile-Homeowners.
Separate bulletins will be released in coming weeks
to announce proposed changes to comply with the law under each of these
programs.
AAIS will issue revised forms and accompanying
schedules in the Miscellaneous Forms and Miscellaneous Floaters classes
of the Inland Marine Guide.
The revised materials will be issued to users of the Guide this
Friday, Oct. 2, 2009.
The Inland Marine Guide is a resource of
policy forms, rating procedures, underwriting guidelines, and other
information for the traditionally nonfiled classes of inland marine
insurance. The forms and schedules being revised are those for
Irrigation Equipment Coverage, Scheduled Property Coverage, and Mobile
Equipment Coverage.
Under each of the three revised forms, language has
been added specifying that the debris removal coverage extension applies
to the costs for demolishing and clearing damaged property, and removing
the debris.
In addition, each new form supplants the term "Newly
Purchased Property" with "Newly Acquired Property," to
address property that has been obtained through leases and other means,
in addition to purchase.
Other revisions have been made to each form
individually.
For information on affiliating with AAIS for use of
the Inland Marine Guide, contact Rick Maka, director of marketing, at
rickm@AAISonline.com, or by
calling 800-564-AAIS, ext. 222.
A
bulletin from the Kentucky Department of
Insurance states that Letcher, Owsley, and Warren counties have been
added as qualified participants in the state's mine subsidence
insurance program. As a result, insurers doing
business in those counties must offer mine subsidence coverage under
every policy providing building property coverage; insureds can
decline the coverage by signing a written waiver.
Since the affected counties and
corresponding rating information are determined by the Mine
Subsidence Insurance Fund, AAIS manuals direct insurers to the
fund's plan of operation.
|
|
Transmitted by the American Association of
Insurance Services, 1745 S. Naperville Road,
Wheaton, IL 60189. |
|
|
www.AAISonline.com
|
|
