AAIS: 1,200 State Filings Made For TRIA

AAIS: 1,200 State Filings Made For TRIA

NU Online News Service, May 19, 3:59 p.m. EDT?The American Association of Insurance Services said it has made more than 1,200 state filings of policy endorsements, disclosure notices and manual supplements in response to the Terrorism Risk Insurance Act.

The Wheaton, Ill.-based AAIS is a national advisory organization that develops policy forms, manual rules and rating information for more than 600 property-casualty insurers.

AAIS noted that the TRIA, which became law last November, gave insurance companies 90 days from the date of enactment to offer commercial insureds the option to accept or decline coverage under the program.

And to meet that 90-day deadline, AAIS processed at least 1,100 filings during that time, the group said. Among them, some 900 were filings for endorsements, rules, disclosure notices and rating information addressing "certified" and "non-certified" terrorism losses in AAIS's primary commercial and farm lines.

Another 200 were advisory filings of endorsements and disclosure notices for the AAIS commercial umbrella and farm umbrella programs.

After the 90-day deadline passed, the AAIS made an additional 100 filings of endorsements and rules addressing both "certified" terrorism losses for rental dwellings in AAIS's dwelling properties and personal and premises liability programs, the association said.

Susan Hiller, AAIS manager of state filings, said there's never been such a focused issue following a single event. In the past, she said insurers had some discretion in the timing and manner of response to filing issues, such as lead paint liability, but "this time, the work had to be done right away."

The filing information is protected by copyright, the AAIS noted, but companies not affiliated with the association can still use certain materials with permission. For details, interested companies can contact the group's marketing director Rick Anderer at richarda@AAISonline.com or (800) 564-AAIS.