Following an
interpretation from the Wisconsin Office of Insurance (OCI),
AAIS will not be modifying its umbrella policy endorsements for
providing uninsured and underinsured coverage in that state.
AAIS will provide more information in the
AAIS Advisory and program bulletins after the OCI publishes
a bulletin now being drafted on the matter.
The topic was discussed in the
May 19 Advisory, which
is now amended to reflect the latest communication between AAIS
staff and the OCI.
AAIS is preparing filings to
address a recent
Florida law changing the insurance requirements for
condominium unit owners.
Among other things, the new law removes
requirements that unit-owners policies designate condominium
associations as additional insureds, and that policies
provide coverage for improvements to condominium property that
do not benefit all unit owners.
The law also removes a requirement that
insurers of unit owners waive their right of subrogation against
condominium associations.
AAIS staff have been in communication with
the Florida Office of Insurance Regulation (OIR) regarding a new
condition in the law that refers to a unit-owner's loss
assessment limit the day before a loss.
OIR legal staff is considering AAIS comments
that the relevant provision may be difficult to implement in
practice, since condominium loss assessments are sometimes made
well after the policy period when that limit would appear, and
possibly after a unit has changed hands. Unless and until a
determination is made, however, filings will have to reflect the
exact language of the law.
Insurers affiliated with AAIS for use of its
Homeowners, Dwelling Properties, Businessowners, and Commercial
Properties programs in Florida will be informed by bulletin of
imminent filings and subsequent approvals.
Four
organizations have joined AAIS as
associate members
in 2010:
-
Intuitive Web Solutions, a developer of
online software based in Springfield, Mo.;
-
MarketStance, a provider of insurance
market information based in Middletown, Conn.;
-
Overland Solutions, Inc., a firm based
in Overland Park, Kan. that specializes in premium audit,
loss control, commercial inspection, and residential
underwriting services; and;
-
The Society of Certified Insurance
Counselors, Inc., the national producer certification
association based in Austin, Tex.
As associate members, reinsurers,
software vendors, and other service providers who support AAIS
member companies can have access to AAIS information resources
and marketing opportunities. To date, AAIS has 28 associate
members.
For information on associate membership,
contact Joyce Tignino, vice president of marketing, at
joycet@AAISonline.com
or by calling 800-565-AAIS, ext. 236.
AAIS is revising its Automobile Statistical Plan to add auto
symbol codes to accommodate vehicles for the 2011 model year and
later.
With the new codes, the statistical plan
will have code charts for three categories of vehicles: those
built before 1990, those built 1990-2010, and those built in
2011 or later.
AAIS is now accepting quarterly auto data
submissions reflecting the revised auto symbol codes. Companies
are asked to implement the revised codes as soon as possible,
but not later than for data for the first quarter of 2011.
For information on reporting statistical
data to AAIS, contact Janice Nieman, director of technical
product support, at
janicen@AAISonline.com.
The notice reminds readers that any editions
of certificates and other forms that have been withdrawn from
ACORD's forms library are not maintained for regulatory
compliance.
Among other things, the October 2009 version
of ACORD 25 specifies that any obligations to give notice of a
policy cancellation will be in accordance with the provisions of
the policy itself.
"Only a policy can obligate an insurer to
provide notice of cancellation," reads the statement. Over the
past few years, several state insurance departments have issued
notices or directives stating that certificates of insurance
cannot be used to alter provisions of the policies they
reference.
Two AAIS staff members will conduct a web
seminar on inland marine and builders' risk insurance at 12:30
p.m. Central time (1:30 p.m. Eastern) on Thursday, July 29.
Kirk Hansen, AAIS director of education, and Joseph Harrington,
director of corporate communications, will offer background
information on inland marine insurance in 2010 and discuss
recent developments in the important builders' risk class,
sometimes known as "course of construction" insurance.
The web seminar is one in a series offered by the Academy of
Insurance, established this year by the Insurance Journal. For
information and to register for the seminar, go to
www.ijacademy.com.
Hansen and Harrington will be offering another IJ Academy of
Insurance web seminar in November on insuring household property
under homeowners or inland marine policies.
