The board members of the System for Electronic Rate and Form Filing (SERFF) announced a new pricing structure for SERFF filing customers. The new prices are effective immediately.
“With this change, participating companies will be able to tailor their SERFF payments to fit their usage needs, thereby making the program more cost-efficient for everyone involved,” Andy Robinson, chair of the SERFF Board of Directors, said.
Two pricing options are available:
Block Pricing with “pay as you go” option and monthly volume discounts—$15 fee
This filing is designed for those companies that make few or sporadic filings and don’t want to purchase an annual block. Companies can elect a “pay as you go” option with potential discounts during the months they experience a higher volume of filings.
The block-pricing schedule is as follows:
Block Size Per Unit Price Filing Block Fee
Pay As You Go $15/unit N/A
100 filings $10/unit $1,000
400 filings $9/unit $3,600
1,000 filings $8/unit $8,000
2,500 filings $7/unit $17,500
5,000 filings $6/unit $30,000
“Pay as you go” option with monthly volume discounts—This proposal lowers the entry price point.
Pay As You Go—$15/unit; 150 or more filing month—$8/unit
“Compared to the current pricing structure, the ‘pay as you go’ rate has dropped from $50 to $15—a significant reduction,” Robinson said. “We also have enabled ‘pay as you go’ customers to take advantage of volume discounts when they send a large number of filings in a given month, an option that wasn’t previously available.”
Existing licensees that have previously purchased blocks of filings in which the per-unit price exceeds the new pricing structure will receive further information on how their block will be converted to take advantage of this new structure.
“We have taken yet another step in our commitment to the insurance industry to offer an effective and efficient electronic filing system,” said Ohio Insurance Director Lee Covington, who chairs the Improvements to State Based Systems Working Group. “To date we have 83 insurance groups using SERFF, representing 514 companies. With this new pricing structure, recent enhancements to SERFF, 49 states accepting filings, and 100 percent of all filings completed in 40 days, we are hearing tremendous positive feedback from industry and regulator users.”
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