According to the National Association of Insurance Commissioners, for the period from Jan. 1 through Nov. 30, 2004, the System for Electronic Rate and Form Filing (SERFF) has facilitated the online transmission and review of over 138,000 filings.
“There are 51 insurance jurisdictions using SERFF and nearly 1,500 companies licensed to submit filings today. Together, these states and insurers will achieve filing volumes in excess of 150,000 during 2004. That is a real testament to the value provided by the SERFF system, for both states and industry,” said Alabama Insurance Commissioner Walter Bell, who also chairs the NAIC’s Speed to Market Task Force. “Furthermore, of all SERFF filings reviewed in 2004, 60 percent were reviewed in less than 20 days, 72 percent in less than 30 days, and 87 percent were reviewed and closed and less than 60 days—a clear indication that SERFF is an integral component of our speed-to-market endeavors.”
Speed to Market Tools
Keeping in line with speed-to-market objectives, states have been incorporating tools such as the Product Coding Matrix (PCM) into state submission requirements in SERFF. This feature is designed to create greater uniformity in the filing process, making it easier for companies to make both single-state and multi-state filings. To date, 24 states have implemented the PCM, representing 55 lines of business (property, life and health). Other states are in various stages of implementing the PCM.
Both Electronic Funds Transfer (EFT) and the SERFF Programming Interface (SPI) have further expanded SERFF’s flexibility. EFT is now available in nine of the states requiring rate- and form-filing fees, and the SPI has resulted in allowing insurers a choice in their filing development and submission tool, yet leverages the SERFF gateway to the states for electronic filing.
Continuing education of states and industry regarding speed-to-market will be a priority in 2005, the NAIC reports. One such event is scheduled for Jan. 19 in Chicago, Ill.; a speed-to-market seminar that is co-sponsored by the Property Casualty Insurers Association of America (PCI) and InSystems, a vendor with products that integrate with SERFF. For more information on this event, please visit http://www.serff.com/stm_seminar.htm.
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