VIRGINIA
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: 11/26/03, 1/5/04, 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

.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.

BOI No.

Endorsements

 

 

       Farm Properties

 AAIS-2003-62FPF

 011 0000002991

       Farmowners

 AAIS-2003-62FOF

 011 0000002993

       Personal & Premises Liability

 AAIS-2003-62PPLF

 

Rating Information

 

 

       Farm Properties

 AAIS-2003-62FPR

 011 0000002992

       Farmowners

 AAIS-2003-62FOR

 011 0000002994

       Personal & Premises Liability

 AAIS-2003-62PPLR

 011 0000002995

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 File No.

BOI No.

Endorsements

 

 

       Farm Properties

 AAIS-2003-3FPF

 011 0000002799

       Farmowners

 AAIS-2003-3FOF

 011 0000002795

       Personal & Premises Liability

 AAIS-2003-3PPLF

 017 0000050272

Rule

 

 

       Farm Properties

 AAIS-2003-3FPR

 011 0000002798

       Farmowners

 AAIS-2003-3FOR

 011 0000002794

       Personal & Premises Liability

 AAIS-2003-3PPLR

 017 0000050271

Effective Date: 2/11/03

Company Action:

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

Rule:
Companies that have granted AAIS filing authority for rules can adopt the rule for CL 0605 without notifying the insurance department, provided that no content-related changes are made to the AAIS rule.

Posting date: 11/12/03, 1/5/04, 6/7/04      

AAIS commercial lines program 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

Fire following rating factor for SFP states 

Farm Umbrella

UM 0330 01 04

.0050

UM 0340 01 04

N/A

AAIS Advisory Effective Date: 1/1/04
AAIS Filing Number(s): AAIS-2003-57 BOI Number: 017 53420
Company action: Companies that have granted AAIS filing authority for forms and endorsements can adopt the endorsements without notifying the Bureau of Insurance.

Umbrella rating information filings are not required if the limits of underlying insurance are at least $350,000 per occurrence for bodily injury and property damage combined or $100/$300/$50 split limits for owned autos and all general liability exposures.

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

 

AAIS File No.

BOI No.

Program

 

 

       Farm Umbrella

 AAIS-2003-4FUP

017 0000050617

Effective Date: 2/11/03

Company Action:

Affiliated companies can adopt the endorsement without notifying the Virginia Bureau of Insurance.

 

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