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All AAIS member companies recently received a special
notice discussing enhancements to rating information being implemented
in many AAIS programs. Specifically, AAIS will be introducing:
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Territorial definitions based on ZIP Codes;
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Loss costs for certain perils based on
catastrophe modeling techniques; and
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New factor rating tables and procedures
available on AAISdirect
in Microsoft Excel.
These changes are being implemented on a countrywide
basis; specific state filings and proposed effective dates will be
announced by bulletin. For more explanation and details,
click here.
The terrorism working group of the National
Association of Insurance Commissioners (NAIC) has scheduled a public
hearing 9 a.m.-4 p.m. on March 29 in New York City.
The hearing is called, in part, to respond to a
recent request by the U.S. Treasury Dept. for comments on the long-term
availability and affordability of terrorism risk insurance, including
coverage for chemical, nuclear, biological, and radiological events.
The NAIC adds that it is seeking information regulators and legislators
can use as they consider how to address terrorism insurance concerns
after the federal terrorism reinsurance program expires on Dec. 31,
2007.
The hearing will be held at the Westin New York at
Times Square. To book a room at the NAIC's negotiated rate, call
888-627-7149. If you wish to testify, contact Eric Nordman, NAIC
director of research, at
enordman@naic.org. AAIS plans to have a representative at the
hearing.
The AAIS Homeowners and Commercial Liability programs
will be addressed at a
Claims Summit
sponsored by the Pennsylvania Association of Mutual Insurance Companies
(PAMIC), April 4-5 in Harrisburg, Pa.
Information on the AAIS programs will be provided by
Fred Macy, an independent trainer and the founder of Gray Wolf Insurance
Seminars, LaVale, Md., which conducts training on AAIS and other
programs.
AAIS has received a few inquiries asking
if the Georgia emergency rules described in our
last AAIS
Advisory apply to inland marine policies. AAIS
believes that they do.
The Georgia action consists of several
rules issued for the same purpose:
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One rule amends the state's Standard
Fire Policy requirements to give policyholders no less than four
years to initiate a suit against an insurer over a claim.
(Citation is 120-2-19-.01-0.18.)
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Another
rule mandates that no property/casualty
policy will have a "suit against us" or similar provision
"less favorable
to the insured"
than the state's Standard Fire Policy requirements.
(Citation is 120-2-20-.02-0.19.)
To find
the rules, click on the
boxes with "+" signs for "Property Insurance Regulations" and Unfair
Trade and Claims Settlement Practices." Then click on the links for
"Adopted Emergency Regulations" available as PDFs.
Friday, March 30 is the registration deadline for the
2006
AAIS Annual Conference, April 9-11 at The Ritz-Carlton in Sarasota,
Fla. To
register,
There may be no rooms left at the conference hotel,
but rooms may be available at the nearby Hyatt Sarasota,
941-953-1234
For more information, contact Joe Harrington, director
of corporate communications, at
joeh@AAISonline.com
or by calling 800-564-AAIS.
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