The goal of more efficient state filing systems is becoming a reality. By the end of the year, the National Association of Insurance Commissioners (NAIC) anticipates that 41 states will be accepting product and rate filings for all lines of insurance via the System for Electronic Rate and Form Filing (SERFF).
Currently, 48 states and the District of Columbia are licensed with SERFF. While several states are still in the testing phase, 32 states are now in production. Of those 32 states, 16 states accept all lines, 26 are accepting life filings, 30 are accepting property/casualty filings and 20 are accepting health filings.
Just this week, Kansas, Iowa, Idaho and Nebraska began accepting property and casualty filings. Kansas and Nebraska now accept all lines (property and casualty, life and health). Iowa and Idaho also accept life filings. In addition, Massachusetts and Louisiana are in production using SERFF. Massachusetts is accepting all lines and Louisiana is accepting property and casualty filings.
As the number of states increases, so have the participating companies. Last month, the SERFF board of directors announced that insurer license fees for the program were eliminated in an effort to advance the efficiency of rate and form filing for insurance products.
Andy Robinson with the Texas Department of Insurance, who is chair of the SERFF board of directors, stated that the increase in licensed companies, made possible by the elimination of license fees and the increased number of licensed states, is bringing the speed-to-market goal closer to reality.
Another boost for SERFF came when the Improvements to State-Based Systems Working Group developed “best practices” review standards that companies could review before filing through SERFF.
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