Ohio to Require Electronic Funds Transfer for Insurance Product Filings

Beginning Jan. 1, 2011, the Ohio Department of Insurance will require fees for rate, rule and form filings be filed via the System for Electronic Rate and Form Filings (SERFF) Electronic Funds Transfer (EFT), Ohio Department of Insurance Director Mary Jo Hudson announced. Currently, the Department invoices in arrears on a quarterly basis.

While the effective date of the amendment of Ohio Administrative Code 3901-1-57 is Nov. 22, 2010, its implementation is being delayed until Jan. 1, 2011 to allow the Department and filing entities to prepare for the change in process. Filing entities are strongly encouraged to make arrangements with SERFF as soon as possible in order to be compliant on or before the January 1 deadline, the DOI advised.

Filing entities may sign up for SERFF EFT by contacting the SERFF marketing team at 816-783-8787 or by e-mail at serfmktg@naic.org. More information is available at http://www.serff.org/eft.htm.

Also, non-rate, rule and form filings that do not have a filing fee associated with them, such as life illustrations and Rx ID Card Annual Certifications, will no longer be accepted via SERFF. Starting Jan. 1, 2011, these must be submitted in hard copy by U.S. Mail or a courier service to the attention of the Office of Product Regulation and Actuarial Services at the Ohio Department of Insurance, located at 50 West Town Street, Suite 300, Columbus, OH 43215.

Topics Ohio