MICHIGAN
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: 12/2/03, 6/7/04

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

FL 0600 01 04

 .0250 FL 0610 01 04

N/A
Farmowners FO 0600 01 04 .0250 FO 0610 01 04

N/A
Personal & Premises Liability (Farm Only) GL 0310 01 04 .0250 GL 0320 01 04

N/A
AAIS Effective Date: 1/1/04
AAIS Filing Number(s):
Endorsements        
     Farm Properties AAIS-2003-62FPF      
     Farmowners AAIS-2003-62FOF      
     Personal &
     Premises Liability		 AAIS-2003-62PPLF      
Rating Information        
     Farm Properties AAIS-2003-62FPR      
     Farmowners AAIS-2003-62FOR      
     Personal &
     Premises Liability		 AAIS-2003-62PPLR      
Company action:

Endorsements

Forms and endorsements are not subject to filing requirements in Michigan.

Companies affiliated for forms and endorsements can adopt (or not adopt) the new endorsements without notifying the insurance department. However, companies should keep documentation as to the effective date of any endorsements that they use.

Rating Information

Companies that have granted AAIS filing authority for rating information can adopt the rating information without notifying the insurance department if they intend to use it without change.

However, companies that choose to depart from the AAIS filed rating information must notify the insurance department in writing as soon as possible.

Separate Line Item Disclosure Endorsement (CL 0605 02 03)

AAIS Filing No.: Not Applicable -- Filing Not Required

Effective Date: 2/11/03

Company Action:

Companies that are affiliated for these lines of insurance can adopt the endorsements without notifying the insurance department. No company action is required with the insurance department, but companies should keep documentation as to the effective date of the forms and endorsements that they use.
Posting date: 11/12/03, 6/7/04      

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): Not Applicable  
Company action: Companies are not required to file Farm Umbrella forms and endorsements in this state. However, companies should keep documentation as to the effective date and endorsements that they use.

AAIS does not develop rating information for the Farm Umbrella program. Companies must make a filing of any rating information that they independently develop.

Separate Line Item Disclosure Endorsement (CL 0605 02 03)

AAIS Filing No.: Not Applicable -- Companies Not Required to File Forms

Effective Date: 2/11/03

Company Action:

Companies are not required to file forms in this state. However, companies should keep documentation as to the effective date of the forms and endorsements that they use.

 

BACK TO STATE LIST

 

 

Top