N.Y. Insurance Department Expands Electronic Rate and Form Filing

New York Superintendent of Insurance Neil D. Levin has expanded the department’s acceptance of electronic filings. Insurers can now submit policy forms and rate filings through a new program that eliminates incomplete filings, significantly reduces review and processing time and addresses the changing needs of consumers as a key part of the department’s overall efforts toward “speed to market” insurance products.

“Increasing the efficiency and responsiveness of the filing process through electronic filing emphasizes the department’s commitment to the utilization of electronic technology for the benefit of New York State insurers and consumers,” Levin said.

The department will now make the NAIC’s System for Electronic Rate and Form Filing (SERFF) available to insurers, accepting filings for select property and casualty insurance lines. SERFF allows insurers to obtain state approval by submitting policy forms and rate filings electronically. The evaluation, review and approval process is also completed in this electronic environment.

An important component of SERFF is the submissions requirements database, which helps eliminate incomplete filings and improves the quality of the submissions by detailing what must be filed by insurers. These capabilities provide for a more efficient transaction between insurers and the department and will significantly reduce review and process filing time. The system will be gradually expanded and ultimately utilized industry-wide.