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NORTH CAROLINA
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: 12/20/02, 12/26/02 (addl. info.),
2/26/03 (addl. info), 5/22/03 |
| 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 |
| 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: 12/20/02 |
| Filing Number(s): |
|
AAIS Filing No. |
State File No. |
| Endorsements |
AAIS-2002-82F |
PC 057069 |
| Rating Information |
AAIS-2002-82R |
PC 057070 |
| Rules |
AAIS-2002-83CERTR and
AAIS-2002-83CERTR-1 |
PC 057938 and
PC059868 |
| 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 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
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 are required to place them on file for informational purposes. |
| Separate Line Item Disclosure Endorsement (CL 0605
02 03) Filing Number(s).:
AAIS Filing No. State
File No.
Endorsement
AAIS-2003-3
PC 058771
Effective Date: 2/11/03
Company Action: Affiliated companies can adopt the endorsement, as filed,
without taking any filing action. |
| 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 |
| AAIS Advisory Effective Date: 12/20/02 |
| Filing Number(s): |
|
AAIS Filing No. |
State File No. |
| Endorsements |
AAIS-2002-84 |
PC 057068 |
| Company action: Endorsements
Each company that wishes to adopt these endorsements must do so by establishing an
effective date and notifying the Insurance Department in writing.
Rating Information
Companies must also submit related rating information independently.
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 are required to place them on file for informational purposes. |
| Separate Line Item Disclosure Endorsement (CL 0605 02 03) Filing
Number(s):
AAIS Filing No. State File No.
Endorsement AAIS-2003-4
PC 058772
Effective Date: 2/11/03
Company Action: Affiliated companies can adopt the endorsement by establishing
an effective date and notifying the insurance department in writing. Refer to the
applicable Filing Number(s) when corresponding with the Department. |
| |
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.
| NEW AND RENEWAL BUSINESS |
| Posting date: 1/30/03, 2/26/03 (addl. info) |
| Filings Submitted for Proposed Effective Date of: 5/1/03 |
| 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: 5/1/03 |
| Filing Number(s): |
|
AAIS Filing No. |
State File No. |
| Endorsements |
AAIS-2002-83F |
PC 057936 |
| Rules |
AAIS-2002-83NONR |
PC 057939 |
| Company action: Companies that have granted AAIS
filing authority for forms and endorsements can adopt the endorsements without notifying
the insurance department. |
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 used to exclude 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: 5/1/03 |
| Filing Number(s): |
|
AAIS Filing No. |
State File No. |
| Endorsements |
AAIS-2002-85 |
PC 057937 |
| Company action: Each company that wishes to adopt
these endorsements must do so by establishing an effective date and notifying the
Insurance Department in writing. |
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