|
ARKANSAS
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. |
| Posting date: 12/17/02, 1/28/03, 3/5/03 (addl.
info.), 9/25/03 (farm umbrella editions changed) |
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 05 03* |
.0125 |
CL 0610 05 03* |
N/A |
| Artisans |
AP 0700 05 03* |
.0200 |
AP 0710 05 03* |
N/A |
| Businessowners |
BP 0750 05 03* |
.0125 |
BP 0760 05 03* |
N/A |
| Commercial Inland Marine (filed classes) |
CL 0600 05 03* |
.0125 |
CL 0610 05 03* |
N/A |
| Commercial Liability |
GL 0250 05 03* |
.0200 |
GL 0260 05 03* |
N/A |
| Commercial Output |
CL 0600 05 03* |
.0125 |
CL 0610 05 03* |
N/A |
| Commercial Output XL |
CL 0600 05 03* |
.0125 |
CL 0610 05 03* |
N/A |
| Commercial Properties |
CL 0600 05 03* |
.0125 |
CL 0610 05 03* |
N/A |
| Contractors & Developers Output |
CL 0600 05 03* |
.0125 |
CL 0610 05 03* |
N/A |
| Crime |
CL 0600 05 03* |
.0125 |
CL 0610 05 03* |
N/A |
| Glass |
CL 0600 05 03* |
.0125 |
CL 0610 05 03* |
N/A |
| *Special version of endorsement applies. |
| AAIS Effective Date: 12/17/02 |
| AAIS Filing Number(s): AAIS-2002-82F and AAIS-2002-82R |
| 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 and wish to adopt the rating information
with no changes, can do so without filing with the insurance department. However,
companies should make an internal (drawer) filing.
However, if companies choose to depart from the AAIS filed rating information,
even though commercial lines rates are normally not subject to filing requirements in
Arkansas, the Commissioner requires that all terrorism rates be filed for informational
purposes.
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)
AAIS Filing No.: AAIS-2003-3
Effective Date: 2/11/03
Company Action: Affiliated companies can adopt the endorsement, as filed,
without taking any filing action.
|
AAIS commercial lines
advisory filings |
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 |
Fire following rating
factor for SFP states |
| Commercial Umbrella |
UM 0755 05 03* |
Refer to company |
UM 0765 05 03* |
N/A |
| *Special version of endorsement applies. |
| AAIS Advisory Effective Date: 12/17/02 (Commercial
Umbrella); 9/1/03 (Farm Umbrella) |
| AAIS Filing Number(s): AAIS-2002-84 |
| Company action: Endorsements
Each company that wishes to adopt these endorsements must do so by establishing an
effective date and notifying the Insurance Department in writing.
Rating Information
Even though commercial lines rates are normally not subject to filing requirements in
Arkansas, the Commissioner requires that all terrorism rates be filed for informational
purposes.
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 that wish to adopt the AAIS policyholder notices as filed, with
slight modifications for individual policies, must do so by notifying the Insurance
Department in writing. 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)
AAIS Filing No.: AAIS-2003-4
Effective Date: 2/11/03
Company Action: Each company that wishes to adopt these endorsements must do so
by establishing an effective date and notifying the Insurance Department in writing. |
Regarding "non-certified" commercial losses
Non-certified terrorism losses are all commercial losses from acts of terrorism that
are not certified as such by the Secretary of the Treasury, and thus not covered by the
federal reinsurance program. These include, but are not necessarily limited to, acts
inspired, directed, and/or carried out by domestic U.S. groups or individuals.
| Posting date: 3/4/03, 3/13/03 (addl. info),
5/28/04 (Umbrella info. added) |
| Filings Submitted With Proposed Effective Date of: 4/1/03 |
| AAIS commercial lines programs filed on
behalf of companies |
AAIS endorsement used to
exclude coverage for non-certified terrorism losses |
AAIS endorsement used to
exclude coverage for nuclear, biological, or chemical terrorism losses |
| Agricultural Output |
CL 0630 12 02 |
CL 0650 12 02 |
| Artisans |
AP 0730 12 02 |
AP 0750 12 02 |
| Businessowners |
BP 0780 12 02 |
BP 0800 12 02 |
| Commercial Inland Marine (filed classes) |
CL 0630 12 02 |
CL 0650 12 02 |
| Commercial Liability |
GL 0270 12 02 |
GL 0280 12 02 |
| Commercial Output |
CL 0630 12 02 |
CL 0650 12 02 |
| Commercial Output XL |
CL 0630 12 02 |
CL 0650 12 02 |
| Commercial Properties |
CL 0630 12 02 |
CL 0650 12 02 |
| Contractors & Developers Output |
CL 0630 12 02 |
CL 0650 12 02 |
| Crime |
CL 0630 12 02 |
CL 0650 12 02 |
| Farm Properties |
FL 0630 12 02 |
FL 0650 12 02 |
| Farmowners |
FO 0630 12 02 |
FO 0650 12 02 |
| Glass |
CL 0630 12 02 |
CL 0650 12 02 |
| Personal & Premises Liability (Farm Only) |
GL 0330 12 02 |
GL 0340 12 02 |
| AAIS Effective Date: 4/1/03 |
| AAIS Filing Number(s): AAIS-2002-83F (endorsements);
AAIS-2002-83R (rules) |
| Company action: Endorsements
Companies that have granted AAIS filing authority for forms and endorsements can adopt the
endorsements without notifying the insurance department.
Rules Supplement
Companies that have granted AAIS filing authority for rules that wish to adopt the manual
supplement with no changes, can do so without filing with the insurance department.
However, companies should make an internal (drawer) filing. |
Comments:
Manual rules that address the use of the various terrorism endorsements were filed in
conjunction with the endorsements that exclude loss caused by non-certified acts of
terrorism. (See the Sample NSFP Terrorism Rules Supplement attachment to Bulletin 02-0550
at this Web site). |
| AAIS commercial lines advisory filings |
AAIS endorsement number
for excluding coverage for non-certified terrorism losses |
AAIS endorsement used to
exclude coverage for nuclear, biological, or chemical terrorism losses |
| Commercial Umbrella |
UM 0775 12 02 |
UM 0785 1202 |
| Farm Umbrella |
UM 0350 12 02 |
UM 0360 12 02 |
| AAIS Advisory Effective Date: 4/1/03 |
| AAIS Filing Number(s): AAIS-2002-85 |
| Site File No: AR-PC-03-004951 |
| Company action: Endorsements
Each company that wishes to adopt these endorsements must do so by establishing an
effective date and notifying the Insurance Department in writing.
|
BACK
TO STATE LIST
|
|
