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NEBRASKA BACKGROUND An amendment to Section 44-501, Subdivision (6) of the Revised Statutes of Nebraska was included in Legislative Bill 216. The amendment, which takes effect on August 31, 2003, adds to the existing list of insurance classes that are exempt from standard fire policy requirements, 'risks of a commercial nature'. In response to this change, AAIS has resubmitted terrorism materials that do not contain a fire exception for all filed Commercial Lines programs. CHANGES Tables A, B, and C that follow show the programs in which endorsements are being replaced and manual supplement pages are being changed. NOTE: The only programs in which endorsement replacements are required are those in which property coverage is provided. The new endorsements differ from the current endorsements only to the extent that the Terrorism Exclusion present in each new endorsement does not contain a fire exception. A copy of each endorsement that has been submitted in Nebraska is available on our public web site, at http://www.aaisonline.com/terrorism/newrules.html, as an attachment to Bulletin 02-0550. The revised Rule pages differ from the current Rule pages only to the extent that no mention of the standard fire policy is made, and the endorsement numbers shown for each program have been updated to reference exclusion endorsements that do not contain a Fire Exception. The revised Rating Information page differs from the current Rating Information page only to the extent that the factors shown for Fire-Following Coverage, that previously was required by statute to be provided, have been deleted from the table. TABLE A (Certified Endorsements)
TABLE B (Non-Certified Endorsements)
TABLE C (Rule and Rating Information Page Supplement)
FILING NUMBERS The AAIS filing numbers that apply to the certified and non-certified Nebraska submissions are shown below. Certified Materials
Non-Certified Materials
EFFECTIVE DATE In accordance with Section 106(a)(2)(B) of the Terrorism Risk Insurance Act of 2002, the certified materials described in this bulletin have been submitted on a file-and-use basis for policies effective on or after October 1, 2003, and the non-certified materials have been submitted on a prior approval basis, for policies effective on or after October 1, 2003. As a result, companies may begin using the certified materials on October 1, 2003, but should refrain from using the non-certified materials until further notified by AAIS that formal approval of these materials has been received. COMPANY ACTION All Filed Programs Endorsements, Manual Rules, and Rating Information (Certified) With respect to the programs referenced in this Bulletin, companies that have granted AAIS filing authority can adopt the AAIS certified terrorism materials on the effective date designated by AAIS without notifying the insurance department. Endorsements and Manual Rules (Non-Certified) The company action needed to adopt the AAIS Non-Certified terrorism materials will be provided in the Bulletin that announces the non-certified filing's approval. SUPPLIES Endorsements The forms and endorsements filed for use in this state are available from CCH Insurance Services Inc. (CCH), the print vendor for AAIS forms and endorsements. Call CCH at (800) 382-2424 to order forms and endorsements in paper printed format. Call CCH at 800-782-9481 to order the text of AAIS forms in a variety of electronic formats. AAIS also offers the text of forms and endorsements in limited electronic formats. Call Veronica Clarke at 800/564-AAIS for more information. Manual Supplements The terrorism manual supplements in the AAIS manuals posted to the subscriber Web site, AAISdirect.com. will be updated in the near future to reflect the attached Revision 1.1 information. Forms and Endorsements Listings The forms and endorsements listings posted to the subscriber Web site, AAISdirect.com will be updated in the near future to reflect the change to terrorism endorsements that do not contain a fire exception. WEB SITE POSTINGS This bulletin, and its ATTACHMENT, are posted to the AAIS open Web site at http://www.aaisonline.com/terrorism/newrules.html. ATTACHMENT -- Nebraska Terrorism Loss Rules and Rating Information Page Supplement (Rev 1.1) Direct Questions to: Edie Gardner, CPCU Copyright, American Association of Insurance Services, Inc., 2003
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Attachments Terrorism Rules and Rating Information
Supplement |
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