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MINNESOTA TERRORISM EXCLUSION ENDORSEMENTS REVISED Terrorism exclusion endorsements that do not contain a fire exception have been filed, with a proposed effective date of July 1, 2003, as replacements for the terrorism exclusion endorsements that are currently on file in Minnesota. In addition, several of the terrorism rule and rating information manual supplement pages have been updated in order to reflect the change in endorsements. On April 9, 2003, the enactment of House File 267 amended Minnesota statute 65A.01 such that, unless specifically endorsed to do so, commercial policies will not be responsible for providing fire-following coverage for terrorism losses. Tables A, B,
and C that follow show the programs in which endorsements are being replaced and manual
supplement pages are being changed. The new
endorsements differ from the current endorsements only to the extent that the Certified
Act of Terrorism Exclusion present in each new endorsement does not contain a fire
exception. A copy of each endorsement that has been submitted in Minnesota is available at
http://www.aaisonline.com/terrorism/newrules.html
on our public website as an attachment to Bulletin
02-0550. TABLE A (Certified
Endorsements)
TABLE C (Rule and Rating Information Page
Supplement)
The AAIS filing numbers that apply to the certified and non-certified
submissions in Minnesota are shown below. State File Numbers have not yet been assigned by
the Insurance Department, but they will be posted to the AAIS open web site as soon as
they become available. Certified Materials
Non-Certified Materials
EFFECTIVE DATE In accordance with Section
106(a)(2)(B) of the Terrorism Risk Insurance Act of 2002, the certified materials
described in this bulletin have been submitted on a file-and-use basis, and the
non-certified materials have been submitted on a prior approval basis, for policies
effective on or after July 1, 2003. As a
result, companies may begin using the certified materials on July 1, 2003, but should refrain from using the
non-certified materials until further notified by AAIS that formal approval of these
materials has been received. COMPANY ACTION All
Filed Programs Except Farmowners and Farm Properties Endorsements and Manual
Rules (Certified and Non-Certified) Under Minnesota Rules Part
2700.2470, companies that have granted AAIS filing authority for forms, endorsements,
and/or manual rules can adopt the filing(s) on the effective date designated by AAIS
without notifying the Insurance Department. Companies that choose not to adopt a filing,
to deviate from an approved filing, or that choose a different effective date must make an
internal (drawer) filing. Rating Information (Certified) Companies that have granted AAIS filing
authority for rating information can adopt the updated Supplement rating information by
making an internal (drawer) filing. Companies should maintain a copy of the rating
information in their files for at least 1 year after the expiration of any policy that has
been rated using that information. Companies should also be prepared to provide a copy of
the rating information to the Insurance Department upon request. Farmowners
and Farm Properties Only Endorsements and Manual
Rules (Certified and Non-Certified) Companies that have granted AAIS filing authority for forms and endorsements and/or manual rules can adopt the filing(s) on the effective date designated by AAIS without notifying the Insurance Department. Companies that choose not to adopt the filing or that choose a different effective date must notify the Insurance Department before the effective date designated by AAIS. If needed, refer to the AAIS and State File numbers in any correspondence directed to the Insurance Department. Rating Information
(Certified) Companies that have granted AAIS filing
authority for rating information can adopt the revised Supplement rating information on
the effective date designated by AAIS without notifying the Insurance Department, if they
intend to use the information as filed, without change. However, companies that choose to depart from
the filed AAIS Supplement rating information or designated effective date must notify the
Insurance Department in writing before the effective date designated by AAIS. Refer to the AAIS and State File numbers in any correspondence
directed to the Insurance Department. SUPPLIES Endorsements The forms and endorsements filed for use in
this state have been released to CCH Insurance Services Inc. (CCH), the print vendor for AAIS forms and
endorsements. Call CCH at (800) 382-2424 to order forms and endorsements in paper printed
format. Call CCH at 800-782-9481 to order the text of AAIS forms in a variety of
electronic formats. AAIS also offers the text of forms and endorsements in limited electronic formats. Call Veronica Clarke at 800/564-AAIS for more information. Manual
Supplements The terrorism manual supplements included in all future orders filled
for AAIS manuals, and in the AAIS manuals posted at the subscriber Web site, AAISdirect.com. will be updated in the near future
to reflect Revision 1.1 information. Forms and Endorsements Listings The forms and
endorsements listings supplied with all orders filled for AAIS manuals, and posted at the
subscriber Web site, AAISdirect.com will be
updated in the near future to reflect terrorism endorsements that do not contain a fire
exception. WEB SITE POSTINGS This bulletin,
and its ATTACHMENT, are posted to the AAIS open
Web site at http://www.aaisonline.com/terrorism/newrules.html. ATTACHMENT --
Minnesota Terrorism Loss Rules and Rating Information Page Supplement
(Rev 1.1) Direct Questions to: Edie Gardner, CPCU Copyright, American Association of Insurance Services, Inc., 2003
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Attachments View or download in: Acrobat and MS Word Terrorism Loss Rules and Rating Supplement (Rev.
1.1)
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