AAIS Posts Terrorism Coverage Materials
NU Online News Service, Dec. 23, 9:30 a.m. EST–The American Association of Insurance Services is posting information on its public Web site related to state filings made in response to the new federal terrorism reinsurance program.
AAIS is a national advisory organization based in Wheaton, Ill., that develops policy forms, manuals rules and rating information used by more than 600 insurance companies nationwide.
Property-casualty professionals can go to www.AAISonline.com, click on the icon for "Terrorism: The New Rules," and find bulletins with endorsements and disclosure notices developed to comply with the federal Terrorism Risk Insurance Act of 2002 and subsequent state bulletins.
Most recently, AAIS has added tables for individual states listing endorsement numbers and rating factors for terrorism coverage under the new program.
To date, AAIS has posted information for several states regarding "certified" terrorism losses–those losses that would be covered, in part, by the new federal terrorism reinsurance program.
AAIS is adding states as filings proceed, and will be filling out the tables with information related to "non-certified" terrorism losses–those that fall outside the federal program.
"Due to the urgent need for timely communications on compliance with the federal terrorism reinsurance program, AAIS is posting materials on its open Web site, where all insurers can view them, whether they are affiliated with AAIS or not," the group said.
"Use of the materials is protected by AAIS copyright, however," the group noted. "Any companies not affiliated with AAIS for commercial lines that want to use any of the materials should contact Joyce Tignino, vice president of marketing and industry relations, at joycet@AAISonline.com, or by calling 1-800-564-AAIS."
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