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MINNESOTA
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.
| IN FORCE BUSINESS - Use the endorsements and rating information
shown below only when the insured accepts the offer of coverage for certified terrorism
loss. |
| Posting date: 1/3/03, 3/10/03 (addl. info), 5/22/03
(COP-XL info added) |
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 |
| Agricultural Output |
CL 0600 12 02 |
.0175 |
CL 0620 12 02 |
.0061 |
| Artisans |
AP 0700 12 02 |
.0200 |
AP 0720 12 02 |
N/A |
| Businessowners |
BP 0750 12 02 |
.0175 |
BP 0770 12 02 |
.0044 |
| Commercial Inland Marine (filed classes) |
CL 0600 12 02 |
.0175 |
CL 0610 12 02 |
N/A |
| Commercial Liability |
GL 0250 12 02 |
.0200 |
GL 0260 12 02 |
N/A |
| Commercial Output |
CL 0600 12 02 |
.0175 |
CL 0620 12 02 |
.0061 |
| Commercial Output XL |
CL 0600 12 02 |
.0175 |
CL 0620 12 02 |
.0061 |
| Commercial Properties |
CL 0600 12 02 |
.0175 |
CL 0620 12 02 |
.0061 |
| Contractors & Developers Output |
CL 0600 12 02 |
.0175 |
CL 0620 12 02 |
.0061 |
| Crime |
CL 0600 12 02 |
.0175 |
CL 0610 12 02 |
N/A |
| Farm Properties |
FL 0600 12 02 |
.0175 |
FL 0620 12 02 |
.0061 |
| Farmowners |
FO 0600 12 02 |
.0175 |
FO 0620 12 02 |
.0044 |
| Glass |
CL 0600 12 02 |
.0175 |
CL 0610 12 02 |
N/A |
| Personal & Premises Liability (Farm Only) |
GL 0310 12 02 |
.0200 |
GL 0320 12 02 |
N/A |
| AAIS Effective Date: 1/3/03 |
| Filing Number(s): |
| Program |
AAIS Filing No. |
State Filing No. |
| Agricultural Output, Commercial Output,
Commercial Output XL, Contractors & Developers Output |
AAIS-2002-82Output |
2300199 |
| Artisans and Businessowners |
AAIS-2002-82AP/BP |
2300206 |
| Commercial Inland Marine (Filed Classes) |
AAIS-2002-82CIM |
2300198 |
| Commercial Liability |
AAIS-2002-82CL |
2300205 |
| Commercial Properties |
AAIS-2002-82CP |
2300197 |
| Crime |
AAIS-2002-82CR |
2300196 |
| Farm Properties |
AAIS-2002-82FP |
2300204 |
| Farmowners |
AAIS-2002-82FO |
2300200 |
| Glass |
AAIS-2002-82GS |
2300201 |
| Personal & Premises Liability (Farm Only) |
AAIS-2002-82PPL |
2300195 |
| Company action: All programs except Farmowners and Farm
Properties
Endorsements
Under Minnesota Rules Part 2700.2470, companies that have granted AAIS filing
authority for forms can adopt these endorsements without notifying the Department.
Companies that choose not to adopt a filing, to deviate from the approved filing, or that
choose a different effective date must make an internal (drawer) filing.
Rating Information
Companies that have granted AAIS filing authority for rating information can adopt
this rating information by making an internal (drawer) filing. Companies should maintain a
copy of the rating information in their files for at least 1 year after expiration of any
policy rated using that information. Companies should also be prepared to provide the
rating information to the state if the Department ever requests a copy.
Farmowners and Farm Properties only
Endorsements
Companies that have granted AAIS filing authority for forms and endorsements can
adopt the endorsements without notifying the insurance department.
Rating Information
Companies that have granted AAIS filing authority for rating information can adopt
this 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, including a decision not to adopt the rating information, must notify the
insurance department in writing as soon as possible.
Expedited Filing Transmittal
An Expedited Filing Transmittal Document For Terrorism Risk Insurance Forms and
Pricing must be included in order to receive expedited handling of any filing required
under these instructions. |
| Comments: Disclosure Notices
Affiliated companies can use the AAIS policyholder notices as filed with slight
modifications for individual policies or develop independent notices that contain the
information required by the Terrorism Risk Insurance Act. Companies that develop their own
notices for Farmowners or Farm Properties are required to place them on file for
informational purposes. |
Separate Line Item Disclosure Endorsement (CL 0605 02 03)
|
Filing Number(s):
|
| Program |
AAIS Filing No. |
State Filing No. |
| Agricultural Output, Commercial Output, Commercial Output
XL, Contractors & Developers Output |
AAIS-2003-3Output |
2300878 |
| Artisans and Businessowners |
AAIS-2003-3AP/BP |
2300871 |
| Commercial Inland Marine (Filed Classes) |
AAIS-2003-3CIM |
2300870 |
| Commercial Liability |
AAIS-2003-3CL |
2300869 |
| Commercial Properties |
AAIS-2003-3CP |
2300867 |
| Crime |
AAIS-2003-3CR |
2300875 |
| Farm Properties |
AAIS-2003-3FP |
2300873 |
| Farmowners |
AAIS-2003-3FO |
2300874 |
| Glass |
AAIS-2003-3GS |
2300868 |
| Personal & Premises Liability (Farm Only) |
AAIS-2003-3PPL |
2300877 |
Effective Date: 2/11/03
Company Action:
All programs other than Farmowners and Farm Properties
Under Minnesota Rules Part 2700.2470, companies that have granted AAIS
filing authority for forms can adopt this endorsement without notifying the Department.
Companies that choose not to adopt a filing, to deviate from the approved filing, or that
choose a different effective date must make an internal (drawer) filing.
Farmowners and Farm Properties only
Companies that have granted AAIS filing authority for forms and endorsements can adopt
this endorsement without notifying the insurance department.
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 |
| Commercial Umbrella |
UM 0755 12 02 |
Refer to company |
UM 0765 12 02 |
N/A |
| Farm Umbrella |
UM 0330 12 02 |
Refer to company |
UM 0340 12 02 |
N/A |
| AAIS Advisory Effective Date: 1/3/03 |
| Filing Number(s): |
| Program |
AAIS Filing No. |
State Filing No. |
| Commercial Umbrella |
AAIS-2002-84CUP |
2300202 |
| Farm Umbrella |
AAIS-2002-84FUP |
2300203 |
| Company action: Endorsements
Under Minnesota Rules Part 2700.2470, companies that wish to adopt the AAIS
Commercial Umbrella or Farm Umbrella endorsement may do so by making an internal (drawer)
filing.
Expedited Filing Transmittal
Not applicable. No filings with the Insurance Department required. |
| Comments: Disclosure Notices
Affiliated companies can use the AAIS policyholder notices as filed, with slight
modifications for individual policies, or develop independent notices that contain the
information required by the Terrorism Risk Insurance Act. Companies that develop their own
notices are NOT required to place them on file for informational purposes. |
Separate Line Item Disclosure Endorsement (CL 0605 02 03)
|
Filing No.:
|
| Program |
AAIS Filing No. |
State Filing No. |
| Commercial Umbrella |
AAIS-2003-4CUP |
2300876 |
| Farm Umbrella |
AAIS-2003-4FUP |
2300872 |
| Effective Date: 2/11/03 Company Action: Under
Minnesota Rules Part 2700.2470, companies that wish to adopt the AAIS Commercial Umbrella
or Farm Umbrella endorsement may do so by making an internal (drawer) filing. |
Regarding "non-certified" commercial losses
Non-certified terrorism losses are all commercial losses from acts of terrorism that
are not certified as such by the Secretary of the Treasury, and thus not covered by the
federal reinsurance program. These include, but are not necessarily limited to, acts
inspired, directed, and/or carried out by domestic U.S. groups or individuals.
| Posting date: 3/10/03, 5/22/03 (COP-XL info added) |
| Filings Submitted for Proposed Effective Date of: 4/1/03 |
| AAIS commercial lines programs
filed on behalf of companies |
AAIS
endorsement used to exclude coverage for non-certified terrorism losses |
AAIS endorsement used to
exclude coverage for nuclear, biological, or chemical terrorism losses |
| Agricultural Output |
CL 0640 12 02 |
CL 0660 12 02 |
| Artisans |
AP 0740 12 02 |
AP 0760 12 02 |
| Businessowners |
BP 0790 12 02 |
BP 0810 12 02 |
| Commercial Inland Marine (filed classes) |
CL 0630 12 02 |
CL 0650 12 02 |
| Commercial Liability |
GL 0270 12 02 |
GL 0280 12 02 |
| Commercial Output |
CL 0640 12 02 |
CL 0660 12 02 |
| Commercial Output XL |
CL 0640 12 02 |
CL 0660 12 02 |
| Commercial Properties |
CL 0640 12 02 |
CL 0660 12 02 |
| Contractors & Developers Output |
CL 0640 12 02 |
CL 0660 12 02 |
| Crime |
CL 0630 12 02 |
CL 0650 12 02 |
| Farm Properties |
FL 0640 12 02 |
FL 0660 12 02 |
| Farmowners |
FO 0640 12 02 |
FO 0660 12 02 |
| Glass |
CL 0630 12 02 |
CL 0650 12 02 |
| Personal & Premises Liability (Farm Only) |
GL 0330 12 02 |
GL 0340 12 02 |
| AAIS Effective Date: 4/1/03 |
| Filing Number(s): |
| Program |
AAIS Filing No. |
State Filing No. |
| Agricultural Output, Commercial Output, Commercial Output
XL, Contractors & Developers Output |
AAIS-2002-83Output |
2300888 |
| Artisans and Businessowners |
AAIS-2002-83AP/BP |
2300889 |
| Commercial Inland Marine (Filed Classes) |
AAIS-2002-83CIM |
2300887 |
| Commercial Liability |
AAIS-2002-83CL |
2300890 |
| Commercial Properties |
AAIS-2002-83CP |
2300886 |
| Crime |
AAIS-2002-83CR |
2300885 |
| Farm Properties |
AAIS-2002-83FP |
2300883 |
| Farmowners |
AAIS-2002-83FO |
2300884 |
| Glass |
AAIS-2002-83GS |
2300882 |
| Personal & Premises Liability (Farm Only) |
AAIS-2002-83PPL |
2300881 |
| Company action: Endorsements -- All programs other
than Farmowners and Farm Properties
Under Minnesota Rules Part 2700.2470 companies that have granted AAIS filing
authority for forms can adopt these endorsements without notifying the Department.
Companies that choose not to adopt a filing, to deviate from the approved filing, or that
choose a different effective date must make an internal (drawer) filing.
Endorsements -- Farmowners and Farm Properties
Companies that have granted AAIS filing authority for forms and endorsements can
adopt the endorsements without notifying the insurance department.
Rules Supplement -- All Programs Except Farm Properties and Farmowners
Companies that have granted AAIS filing authority for rules can adopt this rating
information by making an internal (drawer) filing.
Rules Supplement -- Farm Properties and Farmowners
Companies that have granted AAIS filing authority for rules can adopt the manual
supplement without notifying the insurance department if they intend to use it without
change.
However, companies that choose to depart from the AAIS filed rules must notify
the insurance department in writing as soon as possible. |
Comments:
Manual rules that address the use of the various terrorism endorsements were filed in
conjunction with the endorsements that exclude loss caused by non-certified acts of
terrorism. The rules filed in this state indicate that the Commercial Inland Marine
program (Filed Classes) is not subject to the Standard Fire Policy statutes that apply to
policies providing property coverage for loss caused by fire. (See the Sample SFP
Terrorism Rules Supplement attachment to Bulletin 02-0550 at this Web site). |
| AAIS commercial lines advisory
filings |
AAIS
endorsement number for excluding coverage for non-certified terrorism losses |
AAIS endorsement used to
exclude coverage for nuclear, biological, or chemical terrorism losses |
| Commercial Umbrella |
UM 0775 12 02 |
UM 0785 12 02 |
| Farm Umbrella |
UM 0350 12 02 |
UM 0360 12 02 |
| AAIS Advisory Effective Date: 4/1/03 |
| Filing Number(s): |
| Program |
AAIS Filing No. |
State Filing No. |
| Commercial Umbrella |
AAIS-2002-85CUP |
2300879 |
| Farm Umbrella |
AAIS-2002-85FUP |
2300880 |
Company action:
Under Minnesota Rules Part 2700.2470, companies that wish to adopt the AAIS Commercial
Umbrella or Farm Umbrella endorsement may do so by making an internal (drawer) filing. |
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