As FamilyMan I chose a similar way (see attached picture).
Select Events
where severity is Critical
or where severity is Major
or where severity is Minor
or where severity is Warning
and event type IS NOT Systems Insight Manager Events "Insight.AssociationCounter" + "Insight.AssociationRemoved"
For me, HP-SIM 6.3 is still the best because most reliable version. Every 7.x release stopped getting traps after some time for unknown reason. I tried installations of 7.0 to 7.5 on physical server, on virtual guests, with server 2008 and server 2012, with different editions of SQL but nothing helped to get HP-SIM 7.x working as reliable as 6.3.