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AAIS Product Advisory - June 6, 2003
Dwelling Properties and Personal & Premises Liability
Certified Terrorism Materials Cannot Be Implemented in New Jersey
The New Jersey Department of Banking and
Insurance has disapproved
the filing that included endorsement FL 0670, Certified Terrorism
Loss, and its accompanying manual supplements. The filing was
submitted on a 'file and use' basis as permitted under the terms
of the Terrorism Risk Insurance Act of 2002 (TRIA). However, given
the department's disapproval, of which AAIS has just been made
aware, we are obligated to advise companies to cease using the
endorsement and supplements until further notice.
AAIS believes that the terms of TRIA and the guidelines
distributed by the Department of the Treasury support the filing
of these materials. We are continuing our communications with the
department, and we are hopeful that the issue will be resolved in
the near future. If the department does withdraw its disapproval,
announcement of that action will be made by bulletin posted to the
public Web site at AAISonline.com and publicized through AAIS'
e-mail notification service, Product
Advisory.
For more information on the Dwelling
Properties and Personal & Premises Liability Certified
Terrorism filings, see the AAIS
public Web site at http://www.AAISonline.com/terrorism.htm.
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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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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.
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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