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October 14, 2019 at 04:16 AM
The National Association of Insurance Commissioners (NAIC) is starting a project that could lead to big changes in a major insurance rate and form database.
The NAIC will be commissioning an outside review of its System for Electronic Rate and Form Filing (SERFF).
Insurers can use SERFF to file documents with state insurance regulators in 47 states. The Interstate Insurance Product Regulation Commission, which takes in filings for 45 states, also uses SERFF.
(Related: SERFF Board Should Make Insurance Rate Filings Public, Advocates Say)
Members of the public — including agents and brokers — can use the free public SERFF portals on many state insurance department websites, and on the Interstate Compact website, to read portions of the filings. Producers can, for example, use the SERFF system to read the filings for new indexed annuities, new whole life policies, and new short-term health insurance policies.
The system now handles about 550,000 filing transactions per year, according to the NAIC.
The NAIC plans to seek bids for help with evaluation the SERFF system.
“The NAIC seeks a firm to provide a detailed analysis of the technical capabilities of SERFF in conjunction with the business needs of the association and its members,” officials say. “Qualified firms must have demonstrated experience in software evaluations.”
The official request for proposals could go up on the NAIC website Friday, officials say.
Resources
A link to the NAIC SERFF assessment announcement is available here.
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