OKLAHOMA
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: 11/19/03, 1/5/04, 3/1/04, 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

.0150 FL 0610 01 04

N/A

Farmowners

FO 0600 01 04

.0150 FO 0610 01 04

N/A

Personal & Premises Liability (Farm Only)

GL 0310 01 04

.0150 GL 0320 01 04

N/A

AAIS Effective Date: 1/1/04 (Endorsements and Rating); 3/1/04 (Rules)
Filing Number(s):

 

AAIS File No.

State File No.

Endorsements

 

 

       Farm Properties

 AAIS-2003-62FPF

03-5074C

       Farmowners

 AAIS-2003-62FOF

03-5073C

       Personal & Premises
       Liability

 AAIS-2003-62PPLF

03-5044C

Rating Information

 

 

       Farm Properties

 AAIS-2003-62FPR

03-5042C

       Farmowners

 AAIS-2003-62FOR

03-5075C

       Personal & Premises
       Liability

 AAIS-2003-62PPLR

03-5043C

Rules

 

 

       Farm Properties

 AAIS-2004-2FP

04-1145C

       Farmowners

 AAIS-2004-2FO

04-1146C

       Personal & Premises
       Liability

 AAIS-2004-2PPL

04-1144C

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 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.: AAIS-2003-3; State File 03-0585C

Effective Date: 2/11/03

Company Action:

Affiliated companies can adopt the endorsement, as filed, without taking any filing action.

Posting date: 11/12/03, 11/19/03, 12/1/03, 1/8/04, 3/1/04, 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
Filing Numbers

Two separate farm umbrella filings were required; one for the Commercial component of the Umbrella policy and one for the Personal component of the Umbrella policy. Refer to both sets of numbers shown below when corresponding with the Insurance Department.

AAIS-2003-57C and State File No.      03-4641C

AAIS-2003-57P and State File No.      03-5035C

Forms and Endorsements

Companies cannot grant AAIS filing authority for forms and endorsements for this line of insurance. Companies that wish to adopt the forms and endorsements for this line of insurance must establish an effective date and take the necessary filing action with the Insurance Department. When submitting a filing to the department, include the necessary state filing forms.

Rating Information

AAIS does not provide manual rules or rating information for this line of insurance. Companies must develop and file an independent manual of rules and rates with the Oklahoma Board for Property & Casualty Rates.

Separate Line Item Disclosure Endorsement (CL 0605 02 03)

AAIS Filing No.: AAIS-2003-4; State File 03-0566C

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 when corresponding with the Department.

 

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