|
PENNSYLVANIA
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: 12/30/02, 1/28/03 (Addl. info) |
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 |
No Filing Required (Use CL 0600 12 02) |
.0275 |
No Filing Required (Use CL 0620 12 02) |
.0096 |
| Artisans |
AP 0700 12 02 |
.0300 |
AP 0720 12 02 |
N/A |
| Businessowners |
BP 0750 12 02 |
.0275 |
BP 0770 12 02 |
.0069 |
| Commercial Inland Marine (filed classes) |
No Filing Required (Use CL 0600 12 02) |
.0275 |
No Filing Required (Use CL 0610 12 02) |
N/A |
| Commercial Liability |
GL 0250 12 02 |
.0300 |
GL 0260 12 02 |
N/A |
| Commercial Output |
No Filing Required (Use CL 0600 12 02) |
.0275 |
No Filing Required (Use CL 0620 12 02) |
.0096 |
| Commercial Output XL |
No Filing Required (Use CL 0600 12 02) |
.0275 |
No Filing Required (Use CL 0620 12 02) |
.0096 |
| Commercial Properties |
CL 0600 12 02 |
.0275 |
CL 0620 12 02 |
.0096 |
| Contractors & Developers Output |
No Filing Required (Use CL 0600 12 02) |
.0275 |
No Filing Required (Use CL 0620 12 02) |
.0096 |
| Crime |
CL 0600 12 02 |
.0275 |
CL 0610 12 02 |
N/A |
| Glass |
CL 0600 12 02 |
.0275 |
CL 0610 12 02 |
N/A |
| AAIS Effective Date: 12/30/02 |
| AAIS Filing Number(s): AAIS-2002-82F and
AAIS-2002-82R |
| State Filing Number(s): A66267001 (Endorsements) and
A66271001 (Rating Info.) |
| Company action: Endorsements (All Programs
Listed Above Other Than Agricultural Output, Commercial Inland Marine, Commercial Output,
Commercial Output XL, and Contractors and Developers Output)
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 must notify the insurance department as soon as possible.
Endorsements (Agricultural Output, Commercial Inland Marine, Commercial Output,
Commercial Output XL, and Contractors and Developers Output only)
These lines of insurance are deregulated with respect to form filings. Companies
that have granted AAIS filing authority for forms and endorsements can adopt (or not
adopt) the endorsements without notifying the insurance department. However, companies
should keep documentation as to the effective date and forms/endorsements that they use.
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)
AAIS Filing No.: AAIS-2003-3
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 |
Filing Not Required - (Use UM 0755 12 02) |
Refer to company |
Filing Not Required - (Use UM 0765 12 02) |
N/A |
| AAIS Advisory Effective Date: 12/30/02 |
| AAIS Filing Number(s): Not Applicable -- Filing Not
Required Due To Deregulated Status |
| Company action: Endorsements
Commercial and Farm Umbrella are exempt from form filing requirements in this
state. No company action is required with the insurance department, but companies should
keep documentation as to the effective date and forms/endorsements that they use.
Rating Information
Companies must 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 NOT required to place them on file. |
Separate Line Item Disclosure Endorsement (CL 0605 02 03)
AAIS Filing No.: Not Applicable -- Filing Not Required For Umbrellas Due to
Deregulated Status
Effective Date: 4/1/03
Company Action: Commercial and Farm Umbrella are exempt from form filing
requirements in this state. No company action is required with the insurance department,
but companies should keep documentation as to the effective date and forms/endorsements
that they use. |
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 |
| Filings Submitted for Proposed Effective Date of: 4/1/03,
4/29/03 (addl. info) |
| 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 |
Filing Not Required
(Use CL 0640 12 02) |
Filing Not Required
(Use 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) |
Filing Not Required
(Use CL 0630 12 02) |
Filing Not Required
(Use CL 0650 12 02) |
| Commercial Liability |
GL 0270 12 02 |
GL 0280 12 02 |
| Commercial Output |
Filing Not Required
(Use CL 0640 12 02) |
Filing Not Required
(Use CL 0660 12 02) |
| Commercial Output XL |
Filing Not Required
(Use CL 0640 12 02) |
Filing Not Required
(Use CL 0660 12 02) |
| Commercial Properties |
CL 0640 12 02 |
CL 0660 12 02 |
| Contractors & Developers Output |
Filing Not Required
(Use CL 0640 12 02) |
Filing Not Required
(Use 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 |
| AAIS Filing Number(s): AAIS-2002-83F
(endorsements); AAIS-2002-83R (rules) |
| State Filing Number(s):
A67923001 (Rules Only) |
| Company action: Endorsements (All Programs
Listed Above Other Than Agricultural Output, Commercial Inland Marine, Commercial Output,
Commercial Output XL, and Contractors and Developers Output)
Companies that have granted AAIS filing authority for forms and endorsements can
adopt the endorsements without notifying the insurance department.
Endorsements (Agricultural Output, Commercial Inland Marine, Commercial Output,
Commercial Output XL, and Contractors and Developers Output only)
These lines of insurance are deregulated with respect to form filings. Companies
that have granted AAIS filing authority for forms and endorsements can adopt (or not
adopt) the endorsements without notifying the insurance department. However, companies
should keep documentation as to the effective date and forms/endorsements that they use.
Rules Supplement
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 |
| AAIS Filing Number(s): Not Applicable -- Filing Not
Required Due to Deregulated Status |
| Company action: Endorsements
Commercial and Farm Umbrella are exempt from form filing requirements in this
state. No company action is required with the insurance department, but companies should
keep documentation as to the effective date and forms/endorsements that they use. |
BACK
TO STATE LIST
|
|
