The New York State Insurance Department has issued Circular letter No. 15, giving details of its plans to move the property/casualty insurance industry towards full electronic filing through its “System for Electronic Rate and Form Filings (SERFF).”
Originally scheduled for the fall of 2003, the NYSID is now targeting January 1, 2004 as the date for fully integrating the SERFF. Electronic filings would then be the normal way for all insurers licensed to write P/C insurance, joint underwriting associations, rate service organizations and participants in the the New York Automobile Insurance Plan to file required documents.
The bulletin noted: “This schedule, while aggressive, was designed to focus the industry’s attention on a matter of critical importance to the modernization of regulation and encourage industry migration towards electronic filing. 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.”
It also stressed that “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 insurers must file. These capabilities provide for a more efficient transaction between insurers and the Department and significantly reduce review and process filing time.”
A series of introductory and training sessions in the use of the SERFF system have been scheduled said the NYSID. Industry user training will take place at New Horizons, 55 Broad Street, NYC 10004 on October 28-29 and November 17-18.
SERFF filing training is scheduled for October 30 and November 19 at the NYSID’s offices at 25 Beaver Street, Hearing Room, 5th floor, NYC 10004.
Further information about the sessions and sign up details can be obtained from Lucy Cilione, Supervising Insurance Examiner at: 212-480-5501 or email@example.com.
“The Department is committed to the achieving this objective,” said the announcement. “Additional training dates will be scheduled by the Department to provide valuable information to insurers on how to use and make SERFF work for you as move forward in an electronic environment.”
It also urged all persons concerned with the SERFF requirements to contact the Department, stating: “The building of SERFF has been a successful partnership between all involved in the business of insurance. Please provide us with your acknowledgement, comments and input as we take these next important steps.” Contact: Patricia Mann, Principal Insurance Examiner at 212-480-5587 or firstname.lastname@example.org.
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