HAWAII Status report on compliance with the
Terrorism Risk Insurance Act of 2002
and related state regulatory policies
Regarding
"certified" commercial losses
For an act of terrorism to be certified by the U.S. Secretary of the Treasury (and thus
trigger coverage under the federal Terrorism Reinsurance Program), it must cause more than
$5 million in losses and be inspired, directed, and/or carried out on behalf of a foreign
person or interest.
NEW AND RENEWAL BUSINESS
Posting date: 12/10/03
AAIS
commercial lines programs filed on behalf of companies
AAIS
endorsement used when coverage is provided under the federal Terrorism Insurance Program
Rating
factor to accompany coverage endorsement
AAIS
endorsement used when insured declines terrorism coverage
(New and Renewal Policies Only)
Fire
following rating factor for SFP states
Farm Properties
No Program On
File
Farmowners
No Program On
File
Personal & Premises Liability (Farm Only)
GL 0310 01 04
.0150
GL 0320 01 04
N/A
AAIS Effective Date: 1/1/04
AAIS Filing Number(s): AAIS-2003-62
Company action:Endorsements
Companies that have granted AAIS filing authority for forms and endorsements can adopt the
endorsements without notifying the insurance department.
Rating Information
Companies affiliated for rating information may satisfy their obligation to file
rating information by referencing the AAIS filing and by indicating their proposed
effective date. Companies must make a filing within six months
after the AAIS date. If a company modifies the AAIS approved rating information or chooses
to not adopt the rating information, they must provide the Hawaii Insurance Division with
supporting documentation for their decision. Use the filing form entitled Insurer Filing
Adoption of AAIS Supplemental Rating Information to reference the AAIS filing.
Posting date:11/14/03
AAIS
commercial lines advisory filings
AAIS
endorsement used when coverage is provided under the federal Terrorism Insurance Program
Rating
factor to accompany coverage endorsement
AAIS
endorsement used when insured declines terrorism coverage
Fire
following rating factor for SFP states
Farm Umbrella
UM 0330
01 04
Refer to company
UM 0340
01 04
N/A
AAIS Advisory Effective Date:
1/1/04
AAIS Filing Number(s): AAIS-2003-57
Company action:Each
company that wishes to adopt the 01 04 Farm Umbrella endorsements must do so by
establishing an effective date and notifying the Insurance Department in writing.
AAIS does not develop rating information for the Farm Umbrella program. Companies must
make a filing of any rating information that they independently develop.
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