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ALASKA
Status report on compliance with the
Terrorism Risk Insurance Act of 2002
and related state regulatory policies

Regarding "certified" commercial losses
For an act of terrorism to be certified by the U.S. Secretary of the Treasury (and thus trigger coverage under the federal Terrorism Reinsurance Program), it must cause more than $5 million in losses and be inspired, directed, and/or carried out on behalf of a foreign person or interest.

IN FORCE BUSINESS  - Use the endorsements and rating information shown below only when the insured accepts the offer of coverage for certified terrorism loss.

NEW AND RENEWAL BUSINESS 

Posting date:                 1/10/03, 1/13/03 (addl. info.), 1/28/03 (addl. info.),  6/6/03 (new endrsmnt editions)

AAIS commercial lines programs filed on behalf of companies

AAIS endorsement used when coverage is provided under the federal Terrorism Insurance Program

Rating factor to accompany coverage endorsement

AAIS endorsement used when insured declines terrorism coverage
(New and Renewal Policies Only)

Fire following rating factor for SFP states 

Agricultural Output

CL 0600 12 02

.0125

CL 0610 06 03**

N/A

Artisans

AP 0700 12 02

.0100

AP 0710 06 03**

N/A

Businessowners

BP 0750 12 02

.0125

BP 0760 06 03**

N/A

Commercial Inland Marine (filed classes)

CL 0600 12 02

.0125

CL 0610 06 03**

N/A

Commercial Liability

GL 0250 12 02

.0100

GL 0260 06 03**

N/A

Commercial Output

CL 0600 12 02

.0125

CL 0610 06 03**

N/A

Commercial Output XL

CL 0600 12 02

.0125

CL 0610 06 03**

N/A

Commercial Properties

CL 0600 12 02

.0125

CL 0610 06 03**

N/A

Contractors & Developers Output

CL 0600 12 02

.0125

CL 0610 06 03**

N/A

Crime

CL 0600 12 02

.0125

CL 0610 06 03**

N/A

Farm Properties

FL 0600 12 02

No Manual On File

FL 0610 06 03**

N/A

Farmowners

FO 0600 12 02

No Manual On File

FO 0610 06 03**

N/A

Glass

CL 0600 12 02

.0125

CL 0610 06 03**

N/A

Personal & Premises Liability (Farm Only)

GL 0310 12 02

.0100

GL 0320 06 03**

N/A

**Special version of endorsement applies.

AAIS Effective Date:                       1/10/03

Program

AAIS File No.

State File No.

Agricultural Output

AAIS-2002-82AGF

52917

Artisans

AAIS-2002-82APF

52918

Businessowners

AAIS-2002-82BPF

52919

Commercial Inland Marine (Filed Classes)

AAIS-2002-82CIMF

52916

Commercial Liability

AAIS-2002-82CLF

52920

Commercial Output

AAIS-2002-82COPF

52915

Commercial Output XL

AAIS-2002-82COPXLF

52914

Commercial Properties

AAIS-2002-82CPF

52913

Crime

AAIS-2002-82CRF

52912

Contractors & Developers Output

AAIS-2002-82DOPF

52911

Farm Properties

AAIS-2002-82FPF

52922

Farmowners

AAIS-2002-82FOF

52921

Glass

AAIS-2002-82GSF

52910

Personal & Premises Liability (Farm Only)

AAIS-2002-82PPLF

52923

Filing Number(s):

 

 

Program

AAIS File No.

State File No.

Agricultural Output

AAIS-2002-82AGR

52937

Artisans

AAIS-2002-82APR

52936

Businessowners

AAIS-2002-82BPR

52935

Commercial Inland Marine (Filed Classes)

AAIS-2002-82CIMR

52934

Commercial Liability

AAIS-2002-82CLR

52933

Commercial Output

AAIS-2002-82COPR

52932

Commercial Output XL

AAIS-2002-82COPXLR

52931

Commercial Properties

AAIS-2002-82CPR

52929

Crime

AAIS-2002-82CRR

52928

Contractors & Developers Output

AAIS-2002-82DOPR

52930

Farm Properties

No Manual On File

Not Applicable

Farmowners

No Manual On File

Not Applicable

Glass

AAIS-2002-82GSR

52927

Personal & Premises Liability (Farm Only)

AAIS-2002-82PPLR

52926

Company action:

Endorsements

Companies that have granted AAIS filing authority for forms and endorsements can adopt the endorsements without notifying the insurance department.

Rating Information

Companies that have granted AAIS filing authority for rating information can adopt this rating information without notifying the insurance department if they intend to use it without change.

However, companies that choose to depart from the AAIS filed rating information must notify the insurance department in writing as soon as possible.

Expedited Filing Transmittal

An Expedited Filing Transmittal Document For Terrorism Risk Insurance Forms and Pricing must be included in order to receive expedited handling of any filing required under these instructions.

Comments:

Disclosure Notices

Affiliated companies can use the AAIS policyholder notices as filed with slight modifications for individual policies or develop independent notices that contain the information required by the Terrorism Risk Insurance Act. Companies that develop their own notices are required to place them on file for informational purposes.

 

Separate Line Item Disclosure Endorsement (CL 0605 02 03)

Effective Date:                          2/11/03

Filing Numbers:

Program

AAIS File No.

State File No.

Agricultural Output

AAIS-2002-3AGF

53506

Artisans

AAIS-2003-3APF

53505

Businessowners

AAIS-2003-3BPF

53504

Commercial Inland Marine (Filed Classes)

AAIS-2003-3CIMF

53503

Commercial Liability

AAIS-2003-3CLF

53502

Commercial Output

AAIS-2003-3COPF

53501

Commercial Output XL

AAIS-2003-3COPXLF

53500

Commercial Properties

AAIS-2003-3CPF

53498

Crime

AAIS-2003-3CRF

53497

Contractors & Developers Output

AAIS-2003-3DOPF

53499

Farm Properties

AAIS-2003-3FPF

53496

Farmowners

AAIS-2003-3FOF

54206

Glass

AAIS-2003-3GSF

53495

Personal & Premises Liability (Farm Only)

AAIS-2003-3PPLF

53494

Company Action:

Affiliated companies can adopt the endorsement, as filed, without taking any filing action.

     

With respect to the original AAIS War, Military Action, and Terrorism Exclusions (CL 0468, AP 0686, BP 0674, GL 0985, GS 0194,  FL 0450,  FO 0450, and GL 0990), which were distributed as attachments to Bulletins 02-0158 and 02-0224:

On December 10, 2002, the Alaska Division of Insurance issued Bulletin B 02-20 detailing requirements for compliance with the Terrorism Risk Insurance Act of 2002. Contrary to guidance provided by most other states and the NAIC, this state will no longer allow the use of any previously approved War and Terrorism exclusions. Companies should immediately discontinue using these exclusions on all new and renewal policies.

In discussing these exclusions, the bulletin states:

By order R 02-08, the Director of the Alaska Division of Insurance is withdrawing approval of existing terrorism exclusions containing these limitations. Therefore, an insurer may not apply these exclusions for non-certified losses to new and renewal business. Exclusions for non-certified losses will be re-evaluated. Exclusions for non-certified losses must be filed with and approved by the division before they may be used.

Use the following link to view the entire Alaska bulletin. Click on Bulletin B02-20.

http://www.dced.state.ak.us/insurance/bulletins/bulletins.htm

                                                                                                                                                                                 

AAIS commercial lines advisory filings

AAIS endorsement used when coverage is provided under the federal Terrorism Insurance Program

Rating factor to accompany coverage endorsement