Companies will have an easier time searching a database for property/casualty products. The Minnesota Department of Commerce Commissioner Glenn Wilson announced on Friday, Sept.28th that the department has launched its property and casualty Product Requirements Locator (PRL), a sortable and searchable database of the state’s legal requirements for P/C insurance product filings.
The PRL, available through the National Association of Insurance Commissioners’ (NAIC) Web site, is a search engine that provides insurance company product development and filing staff the ability to query participating states’ product content requirements. Summarizing the state’s requirements for rates, rules and forms, insurance company staff can query the PRL by product or by subject matter and develop and implement new and revised products with greater efficiency and accuracy.
“This tool helps companies submit rate, rule and forms filings that are compliant with Minnesota law, speed the review process, and therefore get products to market faster,” said Commissioner Wilson.
In additional to the PRL, beginning in January of 2008, Minnesota will become the 9th state to mandate that all rate, rule and form filings be submitted to the Department via the “System for Electronic Rate and Form Filing” (SERFF).
Source: Minnesota Department of Commerce
Topics Tech Property Casualty
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