Okla. Move To Modern Filing Praised

By E.E. Mazier

NU Online News Service, Aug. 1, 12:32 p.m. EST? A recently signed order by the Oklahoma insurance regulator, designed to permit insurers to introduce new products faster, is winning praise from an industry trade organization.

Oklahoma Insurance Commissioner Carroll Fisher signed order 02-0765-PRJ late last week, establishing a file-and-use system that allows most commercial property-casualty insurers to start using a policy form in the market only 30 days after filing it with the insurance department.

The order also provides a form-filing exemption for certain lines, including large commercial risks with an aggregate annual premium of more than $10,000.

The American Insurance Association, based in Washington, D.C., said it views the order as encouraging innovation and increasing competition among insurers.

The AIA said the order will ease regulatory restrictions on an insurer's ability to develop and introduce new commercial lines insurance products in Oklahoma.

The order states that Mr. Fisher has found it "proper" to exempt certain commercial p-c policy forms from the prior approval process" through a procedure that encourages an efficient filing process without compromising consumer interests.

The order applies to all commercial p-c insurance, marine and inland marine insurance, vehicle insurance, and any combination of these.

The lines of insurance not covered by the order include reinsurance, personal, workers' compensation, accident, life and health.

John Marlow, AIA assistant vice president for the southwest region, predicted that the order will "have a very positive impact on the Oklahoma commercial insurance market as well as the state's overall economy."

He also noted that the initiative closely follows model recommendations from the National Association of Insurance Commissioners.

"From his first day in office, Commissioner Fisher has worked very hard to make the regulatory process in Oklahoma more efficient and responsive to the needs of consumers and insurers alike," Mr. Marlow said.

"This order will provide customers with greater value by allowing insurers to tailor policies more closely to their individual needs," he added.

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Okla. Move To Modern Filing Praised

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