BACK TO STATE LIST
SOUTH CAROLINA
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: 1/8/03, 5/22/03

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 0610 12 02

N/A
Artisans

AP 0700 12 02

.0150

AP 0710 12 02

N/A
Businessowners

BP 0750 12 02

.0150

BP 0760 12 02

N/A
Commercial Inland Marine (filed classes)

CL 0600 12 02

.0150

CL 0610 12 02

N/A
Commercial Liability

GL 0250 12 02

.0150

GL 0260 12 02

N/A
Commercial Output

CL 0600 12 02

.0150

CL 0610 12 02

N/A
Commercial Output XL

CL 0600 12 02

.0150

CL 0610 12 02

N/A
Commercial Properties

CL 0600 12 02

.0150

CL 0610 12 02

N/A
Contractors & Developers Output

CL 0600 12 02

.0150

CL 0610 12 02

N/A
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: 1/7/03
Filing Number(s):

Program                                                                                                       AAIS Filing No.

Agricultural Output, Artisans, Businessowners,                                   AAIS-2002-82C
Commercial Output, Commercial Output-XL, Contractors 
& Developers Output

Commercial Properties and Farm Properties                                          AAIS-2002-82CP & FP

Crime and Glass                                                                                         AAIS-2002-82CR & GS

Commercial Liability                                                                                  AAIS-2002-82CL

Commercial Inland Marine (Filed Classes)                                            AAIS-2002-82CIM
Company action:

Endorsements
Companies that have granted AAIS filing authority for forms and endorsements can adopt the endorsements without notifying the insurance department. Companies that choose not to adopt a filing must notify the insurance department as soon as possible.

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)

Filing No.:

Program                                                                                                       AAIS Filing No.

Agricultural Output, Artisans, Businessowners,                                   AAIS-2003-3C
Commercial Output, Commercial Output-XL, Contractors 
& Developers Output

Commercial Properties and Farm Properties                                          AAIS-2003-3CP/FP

Crime and Glass                                                                                         AAIS-2003-3CR/GS

Commercial Liability                                                                                   AAIS-2003-3CL

Commercial Inland Marine (Filed Classes)                                            AAIS-2003-3CIM

Effective Date: 2/11/03

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

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
AAIS Advisory Effective Date: 1/7/03
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
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-2003-4

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.

NEW AND RENEWAL BUSINESS
Posting date: 1/30/03, 2/24/03 (addl. info), 5/22/03 (COP-XL info added)
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 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

FP 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
Filing Number(s):

Program

 AAIS Filing No.
Agricultural Output, Artisans, Businessowners, Commercial Output, Commercial Output XL,  Contractors & Developers Output AAIS-2002-83C
Commercial Properties and Farm Properties AAIS-2002-83CP & FP
Crime and Glass AAIS-2002-83CR & GS
Commercial Liability and Personal & Premises Liability AAIS-2002-83CL & PPL
Commercial Inland Marine (Filed Classes) AAIS-2002-83CIM
Farmowners AAIS-2002-83FO
Company action: Companies that have granted AAIS filing authority for forms and endorsements can adopt the endorsements without notifying the insurance department.
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 Non-SFP Terrorism Rules Supplement attachment to Bulletin 02-0550 at this Web site).

AAIS commercial lines advisory filings

AAIS endorsement used to exclude 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
AAIS Advisory Effective Date: 4/1/03
Filing Number(s):
Program AAIS Filing No.
Commercial and Farm Umbrellas AAIS-2002-85
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.

BACK TO STATE LIST

 

Top