Majority of states allow insurers to dump coverage for terrorism. (Briefing).Ohio has joined the 35 states and two jurisdictions that have said they will approve optional exclusions of terrorism risks in commercial insurance policies. Ohio Director of Insurance Lee Covington said he has approved the language submitted by the Insurance Services Office Insurance Services Office, Inc. (ISO) is a provider of data, underwriting, risk management and legal/regulatory services to property-casualty insurers and other clients. Headquartered in Jersey City, New Jersey, the organization serves clients with offices throughout the United Inc. to allow companies the option of excluding terrorism coverage. "Because the U.S. Senate has not yet passed terrorism insurance legislation, we have been placed in the position of having to approve these limited terrorism exclusions in order to protect the solvency of insurance companies," Covington said in a statement. According to ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. , the following states had approved ISO's exclusion filing for general liability, commercial property, business owners, farm, crime, commercial inland marine, and boiler and machinery: Alabama, Arizona, Arkansas, Colorado, Connecticut, Hawaii, Idaho, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). , New Mexico, North Dakota, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin and Wyoming. The District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and Puerto Rico also have approved the filing. Some states have slight variations in approval wording. For example, most states will end the exclusion 15 days after the president signs a federal reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. program into law Hawaii will end the exclusion March 1, and Texas' approval doesn't take effect until Jan. 9. The National Association of Insurance Commissioners The National Association of Insurance Commissioners (NAIC) is an Internal Revenue Code Section 501(c)(3) non-profit organization which seeks to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. agreed that if Congress adjourned without passing a federal terrorism reinsurance solution, the states should grant conditional approval to commercial lines policies that exclude coverage for acts of terrorism, using language developed by ISO. |
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