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.

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

 .0175 FL 0610 01 04

N/A
Farmowners

FO 0600 01 04

 .0175 FO 0610 01 04

N/A
Personal & Premises Liability (Farm Only)

GL 0310 01 04

 .0200 GL 0320 01 04

N/A
AAIS Effective Date: 1/1/04
Filing Number(s):

 

AAIS File No.

State File No.

       Farm Properties

 AAIS-2003-62FP

 

       Farmowners

 AAIS-2003-62FO

 

       Personal & Premises
       Liability

 AAIS-2003-62PPL

 

Company action:

Personal and Premises Liability

Endorsements
Under Minnesota Rules Part 2700.2470, companies that have granted AAIS filing authority for forms can adopt the 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 the 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 the 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

Endorsements
Companies that have granted AAIS filing authority for forms and endorsements can adopt the endorsements without notifying the insurance department. Companies that choose not to adopt a filing or that choose a different effective date must notify the insurance department before the effective date designated by AAIS.

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 before the effective date designated by AAIS.

Separate Line Item Disclosure Endorsement: (CL 0605 02 03)

 

AAIS File No.

State File No.

Program

 

 

       Farm Properties

 AAIS-2003-3FP

2300873

       Farmowners

 AAIS-2003-3FO

2300874

       Personal & Premises Liability (Farm Only)

 AAIS-2003-3PPL

2300877

Effective Date: 2/11/03

Company Action:

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.

PPL only

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.
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): AAIS-2003-57 State File No: Not Yet Assigned
Company action: Companies that wish to adopt the 01 04 Farm Umbrella endorsements may do so by making an internal (drawer) filing.

AAIS does not develop rating information for the Farm Umbrella program. Companies must make an internal (drawer) filing of any rating information that they independently develop.

Separate Line Item Disclosure Endorsement: (CL 0605 02 03)

 

AAIS File No.

State File No.

Program

 

 

       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 Farm Umbrella endorsement may do so by making an internal (drawer) filing.

 

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