Form & Rate Filing 101 Overview (Property & Casualty)€¦ · • New product or program overview • Markups or redlined documents • Actuarial Support • Exhibits. 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


SLIDE 2

Overview

P&C Mission

SERFF for P&C

FAQs

Jennifer Franz – NAIC / SERFF

Questions


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


SLIDE 4

P&C Section SERFF Filing Rules


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P&C Section General Instructions


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P&C Section


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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


SLIDE 12

Property & Casualty Team

Camille Anderson Gina Clark

Becky Helton Patrick Lennon

Jon Meyer Karen Rimel

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SERFF- Tab to Success

Company Filing InformationCamille Anderson

•Filing Company

•Types of Insurance (TOI)

•Filing Types


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SERFF Product Filing Matrix


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General Information Tab

•Effective Dates

•Filing Description


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Form ScheduleRebecca Helton

• Form number importance


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• Markups/Redlined Copies

• Replaced or new

• Superseded forms


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• No Markups/Redlined Copies

• New or replaced?


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View of SERFF with New and Replaced forms

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• Replaced or new

• Superseded forms


SLIDE 26


View of SERFF with superseded form


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Rate/Rule ScheduleGina Clark

Company Rate Information

Rules


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• Company rate information – no blanks

No blanks, please


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• Company rate information – no blanks

• Rule page


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Supporting DocumentationKaren Rimel

• New product or program overview

• Markups or redlined documents

• Actuarial Support

• Exhibits

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• MO specific endorsements

Redlined copies welcome here


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Filing CorrespondencePatrick Lennon

• Response to Objection Letter

• Note to Reviewer

• Amendment

• Post Submission Updates


SLIDE 39


Filing CorrespondencePatrick Lennon

• Response to Objection Letter


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FAQs

Jon Meyer

Inquiries

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SLIDE 43


FAQs

Jon Meyer

Package

vs

Interline


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FAQs

Jon Meyer

Single vs Multiple Filings

�One filing: all forms & rules apply to allcompanies, products in the filing


SLIDE 45


FAQs

Jon Meyer

Confidential filings

�Clearly mark filing confidential

�Document in cover memo

�Provide legal basis for request


SLIDE 46

Regulator View


SLIDE 47

FAQs

Public View


SLIDE 48

SERFF Best Practices

Jennifer FranzProduct Specialist II

NAIC SERFF

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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.


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SERFF Industry and SERFF State


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Best Practices

SERFF Splash Page

Online Help

User Admin

Message Center

Billing Export

Post Submission Updates


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ContactsWhen to call the state

Requirement questions

When to call SERFFEverything else!


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P&C Quiz

Did you get all that?


SLIDE 57

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


SLIDE 58

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


SLIDE 59

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


SLIDE 60

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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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)


SLIDE 62

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


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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

Documents

Form & Rate Filing 101 Overview (Property & Casualty)€¦ · • New product or program overview • Markups or redlined documents • Actuarial Support • Exhibits. 12/11/2012