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AAIS Product
Advisory - May 16, 2003
"Product Advisory" identifies all AAIS bulletins issued
this week and includes other information of interest to
property/casualty insurers. Link here for Product Advisory from
previous weeks: http://www.AAISonline.com/General/advisory/palist.htm
MOLD ENDORSEMENTS
TOPIC OF WEB SEMINA
AAIS will hold a Web-based seminar May 28 on new personal lines
endorsements being filed to exclude or limit coverage for losses
arising from mold and similar causes. The content will be oriented
toward companies currently using AAIS personal lines programs, but
property/casualty professionals from any company can sign up by
going to http://www.aaisonline.com/communications/webinar.htm
BAD FAITH -- INSURER CONDUCT ON TRIAL
The subject of bad faith got the attention of the industry rather
dramatically not too long ago with the case of Ballard v. Farmers
Insurance Company, in which a Texas court awarded the plaintiff
$32 million (later reduced to $4 million) in a suit involving mold
damage. The lion's share of the award was not for mold damage, but
rather for bad faith. For an in-depth examination of this subject,
go to www.AAISonline.com
and click on the above title.
ARKANSAS - FIRE LOSS REPORTING ACT OF 2003
HB 2770, effective Apr. 14, 2003, requires annual reporting of
fire loss data by county and provides mandatory wording for a
policyholder notice to be included with premium notices. AAIS has
been in contact with the AR DOI and will be issuing a bulletin
shortly with more details. See: http://www.arkleg.state.ar.us/ftproot/bills/2003/public/HB2770.pdf
STATE-SPECIFIC TERRORISM INFORMATION POSTED
Information regarding the AAIS certified filings has been posted
for all 52 jurisdictions. Non-certified filings have been
submitted in 48 jurisdictions and approved in 43. State-specific
filing information related to compliance with the federal
terrorism reinsurance program is posted at: http://www.AAISonline.com/terror/StateAction.htm
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BULLETINS BY CATEGORY
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TERRORISM UPDATES - Bulletins listed by State
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VIRGINIA
Commercial Umbrella, Farm Umbrella
Bulletin 03-0180
Special Edition of CL 0605 Approved For Umbrella Programs
Edition 03 03 endorsement distributed.
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VIRGINIA
Commercial Lines
Bulletin 03-0181
Interstate Accounts Rule in Terrorism Supplement Revised
Updated Terrorism Supplement distributed.
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COMPLIANCE - Bulletins listed by State
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ALASKA
Boatowners, Farmowners, Homeowners, Mobile-Homeowners, Home-Based
Business, Personal & Premises Liability, Personal Inland
Marine
Bulletin 03-0179
New and Revised State Amendatory Endorsements Filed
Revisions include amendments to cancellation, concurrent
causation, and suit against us. Links to the corresponding
statutes are provided below. Proposed effective date Oct. 1, 2003.
Cancellation - notice to senior citizen's designated recipient
http://external.uniforminc.com/forms/getCite1.plx?doc=27827citetext.htm&src=LC
Concurrent Causation
http://external.uniforminc.com/forms/getCite1.plx?doc=46824citetext.htm&src=LC
Suit Against Us (copy address to browser)
http://old-www.legis.state.ak.us/cgi-bin/folioisa.dll/stattx02/query=*/doc/{t2241}?
and scroll down to 09.10.053.
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FLORIDA
Businessowners
Bulletin 03-0177
Revised Manual Revision 3.3 Including Building Features Loss
Mitigation Credits Approved
Effective Sep. 1, 2003.
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NEW HAMPSHIRE
Commercial Umbrella, Farm Umbrella
Bulletin 03-0188
Revised Uninsured Motorist Coverage and Rejection Forms Filed
Proposed advisory effective date Sep. 1, 2003.
The uninsured motorist property damage coverage has been
revised as specified by paragraph II. of NH RSA 264:15, see:
http://external.uniforminc.com/forms/getCite1.plx?doc=25704citetext.htm&src=LC
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PROGRAM UPDATES - Bulletins listed by Line of Insurance
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COMMERCIAL OUTPUT
Maine
Revision 3.0 approved
Bulletin 03-0184
Effective July 1, 2003. Refer to Company Action for instructions
on how to adopt this filing.
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AAIS helps more than 600 property/casualty insurers compete in
their markets by providing cost-effective technical services,
including forms and manuals, and product development, actuarial,
statistical, filing, and software support.
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Subscribers to http://www.AAISdirect.com
may view and download these bulletins immediately.
Companies that do not currently use an AAIS program referenced
here can request additional information from Rick Anderer at richarda@AAISonline.com
or 800/564-AAIS x222.
Feel free to forward the AAIS Product Advisory to anyone. To
subscribe to AAIS Product Advisory, go to www.AAISinfo.com.
To unsubscribe or change your e-mail subscription, contact Pat
Peters at patp@AAISonline.com
or 800/564-AAIS x289.
Contact Product Advisory at info@AAISonline.com.
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