NU Online News Service, Aug. 2, 10:13 a.m. – The National Association of Insurance Commissioners, Kansas City, Mo., has eliminated license fees for carriers and other organizations that use its System for Electronic Rate and Form Filing.
The SERFF board revealed Monday that it stopped applying the fees July 1.
The board says it made the move to promote the use of electronic rate and form filing for insurance products.
Insurers can use SERFF, a key part of the NAIC “speed to market” effort, to submit electronic rate and form filings to state reviewers. The state reviewers, in turn, can use the electronic system to manage, analyze, process and store filings more efficiently, the NAIC says.
Last December, the NAIC approved a $1 million funding proposal to implement SERFF nationwide by the end of this year. Currently, 27 states and the District of Columbia accept rate and form filings through SERFF.
E.E. Mazier is a reporter for The National Underwriter Property-Casualty edition.