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OREGON
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: 12/23/02, 12/26/02 (addl. info.),
1/28/03 (addl. info.), 4/29/03 (addl. info) |
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 |
.0150 |
CL 0620 12 02 |
.0053 |
| Artisans |
AP 0700 12 02 |
.0125 |
AP 0720 12 02 |
N/A |
| Businessowners |
BP 0750 12 02 |
.0150 |
BP 0770 12 02 |
.0038 |
| Commercial Inland Marine (filed classes) |
CL 0600 12 02 |
.0150 |
CL 0620 12 02 |
.0053 |
| Commercial Liability |
GL 0250 12 02 |
.0125 |
GL 0260 12 02 |
N/A |
| Commercial Output |
CL 0600 12 02 |
.0150 |
CL 0620 12 02 |
.0053 |
| Commercial Output XL |
CL 0600 12 02 |
.0150 |
CL 0620 12 02 |
.0053 |
| Commercial Properties |
CL 0600 12 02 |
.0150 |
CL 0620 12 02 |
.0053 |
| Contractors & Developers Output |
CL 0600 12 02 |
.0150 |
CL 0620 12 02 |
.0053 |
| Crime |
CL 0600 12 02 |
.0150 |
CL 0610 12 02 |
N/A |
| Glass |
CL 0600 12 02 |
.0150 |
CL 0610 12 02 |
N/A |
| AAIS Effective Date: 12/20/02 |
| AAIS Filing Number(s): AAIS-2002-82 |
| State Filing Number(s): CO 5235 02 |
| 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)
AAIS Filing No.: AAIS-2003-3
State Filing No.: CO 0362 03
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 12 02 |
Refer to company |
UM 0765 12 02 |
N/A |
| Inland Marine Guide (not applicable to Yacht) |
CL 0600 12 02 |
Filing not required (.0150 recommended) |
CL 0620 12 02 |
Filing not required (.0053 recommended) |
| AAIS Advisory Effective Date: 12/20/02 |
| AAIS Filing Number(s): AAIS-2002-84 (Umbrella programs) and
AAIS-2002-82IMG (Guide endorsements) |
| State Filing Number(s): CO 5233 03 (Umbrella programs) and CO
5234 02 (Guide endorsements) |
| 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 (Umbrella programs only)
Companies must also submit related rating information independently.
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-2003-4UM/IMG
State Filing No.: None Assigned
Effective Date: 2/11/03
Company Action: Affiliated companies can adopt the endorsement
by establishing an effective date and
notifying the insurance department in writing. Refer to the applicable Filing Number(s)
when corresponding with the Department.
|
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: 3/18/03 |
| Filings Submitted for 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 0640 12 02 |
CL 0660 12 02 |
| Artisans |
AP 0740 12 02 |
AP 0760 12 02 |
| Businessowners |
BP 0790 12 02 |
BP 0810 12 02 |
| Commercial Inland Marine (filed classes) |
CL 0640 12 02 |
CL 0660 12 02 |
| Commercial Liability |
GL 0270 12 02 |
GL 0280 12 02 |
| Commercial Output |
CL 0640 12 02 |
CL 0660 12 02 |
| Commercial Output XL |
CL 0640 12 02 |
CL 0660 12 02 |
| Commercial Properties |
CL 0640 12 02 |
CL 0660 12 02 |
| Contractors & Developers Output |
CL 0640 12 02 |
CL 0660 12 02 |
| Crime |
CL 0630 12 02 |
CL 0650 12 02 |
| Farm Properties |
FL 0640 12 02 |
FL 0660 12 02 |
| Farmowners |
FO 0640 12 02 |
FO 0660 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-2002-83 |
| State Filing Number(s): CO 0604 03 |
| 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 can adopt the
manual supplement without notifying the insurance department if they intend to use it
without change.
However, companies that choose to depart from the AAIS filed rules must notify the
insurance department in writing as soon as possible. |
| 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. The rules filed in this state indicate that the
Commercial Inland Marine program (Filed Classes) is subject to the Standard Fire
Policy statutes that apply to policies providing property coverage for loss caused by
fire. Accordingly, the sample SFP Terrorism Loss Rules Supplement shown with Bulletin
02-0550 at this web site is not entirely consistent with the Supplement filed in this
state. |
| 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 12 02 |
| Farm Umbrella |
UM 0350 12 02 |
UM 0360 12 02 |
| Inland Marine Guide (not applicable to Yacht) |
CL 0640 12 02 |
CL 0660 12 02 |
| AAIS Advisory Effective Date: 4/1/03 |
| AAIS Filing Number(s): AAIS-2002-85 (Umbrellas);
AAIS-2002-83IMG (Inland Marine Guide) |
| State Filing Number(s): CO 0605 03 (Umbrellas); CO
0604 03 (Inland Marine Guide) |
| Company action: Endorsements (Umbrellas and Inland
Marine Guide)
Each company that wishes to adopt these endorsements must do so by establishing
an effective date and notifying the Insurance Department in writing. |
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