form & rate filing 101 overview (property & casualty)€¦ · • new product or program...
TRANSCRIPT
12/11/2012
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Form & Rate Filing 101 (P & C)
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Form & Rate Filing 101(Property & Casualty)
Joan DutillManager
Property & Casualty Section
Form & Rate Filing 101 (P & C)
SLIDE 2
Overview
P&C Mission
SERFF for P&C
FAQs
Jennifer Franz – NAIC / SERFF
Questions
Form & Rate Filing 101 (P & C)
SLIDE 3
Property & Casualty Section
Review P & C policy forms, rates and rules for compliance with Missouri lawUse and file (with many exceptions)Refer to SERFF “Filing Rules” tab
Form & Rate Filing 101 (P & C)
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P&C Section SERFF Filing Rules
Form & Rate Filing 101 (P & C)
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P&C Section General Instructions
Form & Rate Filing 101 (P & C)
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Form & Rate Filing 101 (P & C)
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Form & Rate Filing 101 (P & C)
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P&C Section
Form & Rate Filing 101 (P & C)
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Form & Rate Filing 101 (P & C)
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Form & Rate Filing 101 (P & C)
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Filing Statistics - 2012
• Filings received monthly 450
• Filings without objection 70%
• Average first action time 18 days
• Average turnaround time 27 days
• Priority filings
Form & Rate Filing 101 (P & C)
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Property & Casualty Team
Camille Anderson Gina Clark
Becky Helton Patrick Lennon
Jon Meyer Karen Rimel
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Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
Company Filing InformationCamille Anderson
•Filing Company
•Types of Insurance (TOI)
•Filing Types
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
SERFF Product Filing Matrix
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
General Information Tab
•Effective Dates
•Filing Description
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
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Form & Rate Filing 101 (P & C)
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Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
Form ScheduleRebecca Helton
• Form number importance
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
Form ScheduleRebecca Helton
• Form number importance
• Markups/Redlined Copies
• Replaced or new
• Superseded forms
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
Form ScheduleRebecca Helton
• Form number importance
• Markups/Redlined Copies
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
Form ScheduleRebecca Helton
• Form number importance
• No Markups/Redlined Copies
• New or replaced?
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
View of SERFF with New and Replaced forms
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Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
Form ScheduleRebecca Helton
• Form number importance
• Markups/Redlined Copies
• Replaced or new
• Superseded forms
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
View of SERFF with superseded form
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
Rate/Rule ScheduleGina Clark
Company Rate Information
Rules
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
Rate/Rule ScheduleGina Clark
• Company rate information – no blanks
No blanks, please
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
Rate/Rule ScheduleGina Clark
• Company rate information – no blanks
• Rule page
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
Supporting DocumentationKaren Rimel
• New product or program overview
• Markups or redlined documents
• Actuarial Support
• Exhibits
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Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
Supporting DocumentationKaren Rimel
• New product or program overview
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
Supporting DocumentationKaren Rimel
• New product or program overview
• MO specific endorsements
Redlined copies welcome here
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
Supporting DocumentationKaren Rimel
• New product or program overview
• MO specific endorsements
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
Supporting DocumentationKaren Rimel
• New product or program overview
• MO specific endorsements
Form & Rate Filing 101 (P & C)
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Form & Rate Filing 101 (P & C)
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Form & Rate Filing 101 (P & C)
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Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
Filing CorrespondencePatrick Lennon
• Response to Objection Letter
• Note to Reviewer
• Amendment
• Post Submission Updates
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
Filing CorrespondencePatrick Lennon
• Response to Objection Letter
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
FAQs
Jon Meyer
Inquiries
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Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
FAQs
Jon Meyer
Package
vs
Interline
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
FAQs
Jon Meyer
Single vs Multiple Filings
�One filing: all forms & rules apply to allcompanies, products in the filing
Form & Rate Filing 101 (P & C)
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SERFF- Tab to Success
FAQs
Jon Meyer
Confidential filings
�Clearly mark filing confidential
�Document in cover memo
�Provide legal basis for request
Form & Rate Filing 101 (P & C)
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Regulator View
Form & Rate Filing 101 (P & C)
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FAQs
Public View
Form & Rate Filing 101 (P & C)
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SERFF Best Practices
Jennifer FranzProduct Specialist II
NAIC SERFF
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Form & Rate Filing 101 (P & C)
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SERFFReleased in 1997 Designed to enable companies to send and states to receive, comment on, and approve or reject insurance industry rate and form filings.Used by state insurance regulators in the filing review and approval process.Fifty-two jurisdictions and nearly 3,600 insurers use SERFF for rate and form filings.
Form & Rate Filing 101 (P & C)
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SERFF Industry and SERFF State
Form & Rate Filing 101 (P & C)
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Best Practices
SERFF Splash Page
Online Help
User Admin
Message Center
Billing Export
Post Submission Updates
Form & Rate Filing 101 (P & C)
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ContactsWhen to call the state
Requirement questions
When to call SERFFEverything else!
Form & Rate Filing 101 (P & C)
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Form & Rate Filing 101 (P & C)
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Form & Rate Filing 101 (P & C)
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Form & Rate Filing 101 (P & C)
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P&C Quiz
Did you get all that?
Form & Rate Filing 101 (P & C)
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P&C Quiz
Question #1
When filing a new product, it is helpful if you include:
A. Your favorite TOI
B. A photo of you and Gov Nixon
C. An overview of the filing
Form & Rate Filing 101 (P & C)
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P&C Quiz
Question #2
An incorrect TOI results in:
(A) A flogging for the analyst
(B) Withdrawal & re-filing
(C) An expedited filing review
Form & Rate Filing 101 (P & C)
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P&C Quiz
Question #3
Name a transaction that can be filed using a post-submission update:
A. Change in type of insurance (TOI)
B. Effective date of filing
C. Change a form filing to a rate filing
Form & Rate Filing 101 (P & C)
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P&C QuizQuestion #4
When can one filing be made for multiple lines of business?
A. When all your competitors do it.
B. At the end of your fiscal year when there’s no more money in the budget
C. When the exact form will be used in all lines.
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Form & Rate Filing 101 (P & C)
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P&C QuizQuestion #5What can you do if you’re on your third attempt to respond to an objection without success?A. Call the analyst
B. Call Angela Nelson
C. Call Joan Dutill
D. A, C, & B (in that order, please)
Form & Rate Filing 101 (P & C)
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P&C Quiz
Question #6
How do I make some parts of my filing confidential?
A. Don’t tell anyone about it
B. Omit the information from the filing
C. Request confidentiality & provide legal basis for it
Form & Rate Filing 101 (P & C)
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P&C Quiz
Question #7
How do I know the status of my filing?
A. Check SERFF
B. Check SERFFC. Check SERFF
D. All of the above