Members of the Interstate Insurance Product Regulation Commission have adopted a filing fee proposal.
The proposal calls for each independent insurer to pay an annual IIPRC registration fee of $5,000.
An insurer group must pay a $5,000-per-company annual registration fee for each of the first 5 companies registered.
A group will pay a $1,000-per-company annual registration fee for the sixth company registered and each additional company registered, according to a filing fee proposal draft posted on the IIPRC Web site.
The proposal also calls for insurers to pay a “per filing fee” of $500 per filing.
The per-filing fee requirement took effect Monday, and the annual registration fee requirement will take effect Jan. 1, 2008.
Insurers must pay the IIPRC fees through the System for Electronic Rate and Form Filing, and per-filing fees must be submitted at the time of filing.
The IIPRC will conduct a 1-year study of the idea of creating a flat filing fee arrangement.
Alaska, Colorado, Georgia, Hawaii, Iowa, Kansas, Maine, Massachusetts, Michigan, Minnesota, Nebraska, New Hampshire, North Carolina, Ohio, Oklahoma, Pennsylvania, Puerto Rico, Rhode Island, Texas, Utah, Vermont, Virginia, Washington, West Virginia and Wyoming voted for the proposal, according to the IIPRC.
An electronic vote was not received from Idaho, Indiana, Kentucky, Maryland or Tennessee, the IIPRC says.