Companies affiliated with AAIS were mailed a detailed
customer survey form last week and invited to fill it out on paper or
online, using a link provided in the survey. The survey concerns the
quality of AAIS products and services. Companies are urged to
respond quickly, so their concerns are recorded and considered as AAIS
develops its programs.
If you did not receive a survey form, or if you have questions,
contact Joseph Harrington, communications director, at joeh@AAISonline.com
or by calling 800/564-AAIS.
A Florida law signed June 1 by Gov. Jeb Bush
implements a series of initiatives affecting property insurance in that
state. Among other things, the law requires the Florida Office of
Insurance Regulation to develop standard policy language and a standard
rating plan for residential property insurance by Jan. 15, 2006.
In the meantime, AAIS will be revising manuals to
allow percentage hurricane deductibles up to a maximum of 10%, as permitted as
of Oct. 1, 2005 under the new law.
To help companies comply with another section of the
law, AAIS will also develop sample outlines of coverage under its
Homeowners, Mobile-Homeowners, and Dwelling Properties programs. Effective
Jan. 1, 2006, companies writing business in Florida will be required to
provide consumers with outlines of coverage provided in policies written
under those programs.
On June 10, AAIS distributed a bulletin summarizing
the law and indicating where companies may need to take action.
Gray
Wolf Insurance Seminars has scheduled its next "AAIS Personal
Lines Underwriting Academy" for July 11-15 in Lancaster, Pa. Registration
is open to all property/casualty professionals that want in-depth
training on using the forms and manuals in the AAIS Homeowners,
Farmowners, Dwelling Properties, Landlord's Package, Personal and
Premises Liability, Personal and Farm Umbrella, and Personal Inland
Marine programs.
The academy is led by Gray Wolf
senior instructor Fred Macy, who has taught property/casualty courses
since 1977 and AAIS-specific courses since 1996.
West Virginia will require insurers to provide notice
to policyholders of the amount of premium savings that results from civil
justice reforms and a reduction in the premium surcharge for fire and
casualty policies.
Effective July 8, 2005, all renewal policies providing liability coverage,
including multi-peril policies and inland marine forms with legal
liability coverage (motor truck cargo and warehouse liability), must
include a notice of premium savings arising from recently enacted tort
reforms.
As of Jan. 1, 2006, all renewal policies providing
fire insurance and casualty insurance must include a notice of premium
savings from a reduction in the state surcharge from 1% to .55% of
premium. (Under definitions in West Virginia law, crime and glass coverage
are subject to this notice requirement, but inland marine insurance is
not.)
Wording for the notices is fixed by statute
(select WVC 33-1-10) and available in an informational
letter. The informational letter includes an option for a combined
notification of both the civil justice and surcharge reductions.
AAIS affiliates doing business in West Virginia will
receive a bulletin on Friday, June 17 with more details on complying with
the new notice requirements.
Insurers using catastrophe modeling to develop the
hurricane or windstorm components of a South Carolina rate filing must
have the model they use reviewed before the filing can be considered
complete.
In a recent bulletin,
the South Carolina Department of Insurance lists 23 detailed inquiries it
wants addressed about a modeling methodology. The department says it will
review filings of models by the firms that developed them; insurers would
then be able to adopt an accepted model by reference.
