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Transmission of this Advisory was postponed
to await developments in deliberations on the federal terrorism
reinsurance backstop. See second item.
AAIS farm affiliates can sign up for a Web-based
demonstration of the "Farm and Ranch Estimator," a farm
property valuation service developed by e2Value,
Inc. The service is now available through AAISdirect to
companies that write primary policies using the AAIS Farmowners and Farm
Properties programs.
The demonstration is scheduled for 1 p.m. Central time
(2 p.m. Eastern) on Thursday, Dec. 1. The session will last approximately
45-60 minutes and feature comments
by
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Joyce Tignino, AAIS vice president of marketing
and industry relations; and
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Debbie Wagner, e2Value's vice president of
marketing for personal lines and farm & ranch.
Wagner will present a hypothetical valuation,
demonstrating how the system can estimate values for farm dwellings,
outbuildings, and fixtures. To register, 
For information on affiliating with AAIS for use of its
Farmowners or Farm Properties programs, or to add AAISdirect
service to an existing affiliation, contact Rick Maka, director of
marketing, at rickm@AAISonline.com,
or by calling 800/564-AAIS.
AAIS staff is now reviewing the text of bills reported
by U.S. Senate and House committees to extend the federal terrorism
reinsurance backstop, currently scheduled to expire Dec. 31, 2005.
Review of the proposals will enable AAIS to plan for
different scenarios for the coverage under the backstop, but filings cannot
be prepared until Congress adopts a final act.
In the meantime, AAIS affiliates for lines affected by
the program will soon receive disclosure notices regarding
terrorism coverage to be used if Congress fails to act by Dec. 31.
Disclosures for some lines will be provided in Friday's bulletins (Nov.
18); the rest will be distributed the following week.
AAIS affiliates that do not currently use the AAISdirect
Internet service can sign up for a free trial through the end of
2005.
AAISdirect provides direct online access to all
the forms, manuals, bulletins, and other information for which a company
is affiliated with AAIS. The service is continually expanded and updated;
the latest enhancement is the access provided to a farm valuation
application (see above).
About 75% of the companies that use AAIS programs
subscribe to AAISdirect, giving them complete, up-to-date product
information available around the clock to staff members in multiple
locations.
To start your trial immediately, print and sign the trial
agreement and fax it to 630-681-8356. If you have questions, contact Rick Maka, director of
marketing, at rickm@AAISonline.com
or by calling 800/564-AAIS.
As anticipated, property/casualty companies will
remain exempt from anti-money laundering requirements of the Patriot Act,
passed by Congress and signed by President Bush shortly after the Sept.
11th attacks.
Under the act, financial institutions, including
insurance companies, were required to establish formal programs for
detecting and reporting money laundering activities. Final rules published
this month by the U.S. Treasury Dept. limit application of that
requirement to permanent life policies, individual annuities, and other
insurance products with cash value or investment features that might be
used for money laundering or other illicit purposes.
All insurers, however, are required to comply with
restrictions and reporting requirements of the Treasury Dept.'s Office of
Foreign Assets Control, designed to prevent Americans from doing business
with specified foreigners suspected of involvement in criminal
activity.
Property insurers in Arkansas are being assessed $200
per company to help defray expenses for mailing volunteer fire department
subscription renewal notices.
A 2003 act authorized the Arkansas Insurance
Department to levy the assessments, but did not require them. After an
initial assessment in 2003, no assessments were levied in 2004, but the
department indicates in a bulletin
that assessments will be necessary in 2005 and 2006.
Property/casualty professionals can read an analysis
of the AAIS Farmowners Program in the November 2005 issue of PF&M,
the policy form and manual analysis service of The Rough Notes Company,
Inc.
The new section provides an overview of the AAIS
Farmowners Program, plus more detailed descriptions of the FO-6 Farm
Property Coverage Form and program endorsements.
The Ritz-Carlton in Sarasota, Fla. is the setting for
the 2006 AAIS Annual Conference, April 9-11.
As in past years, this event will feature speakers
addressing topics of strategic importance to senior executives and
top-level managers. Anyone wishing to suggest topics can contact Joseph
Harrington, director of corporate communications, at joeh@AAISonline.com
or by calling 800/564-AAIS.
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