The National Association of Insurance Commissioners (NAIC) has announced the System for Electronic Rate and Form Filing (SERFF) reached a milestone during the month of November, surpassing 500,000 filing transactions for the year to date.
The NAIC also projected the speed-to-market tool would surpass 550,000 transactions by the end of December 2008. This accomplishment would top the 2007 filing record by more than 160,000–capping off SERFF's 10-year anniversary celebration.
"Ten years ago, many believed a nationwide system for the submission and review of rates and forms was only a dream," says NAIC president-elect Roger Sevigny, who also serves as New Hampshire insurance commissioner and is chairman of the SERFF board of directors.
"Today, that dream is a reality for regulators and insurers alike," he says. "In fact, the efficiencies that have resulted from using SERFF are a huge reason many states accept filings only via SERFF."
Nineteen states have either implemented a mandate of SERFF or announced their intent to mandate the use of the electronic filing system in 2009, according to the NAIC. Another 10 states have mandated their filing fees be paid via electronic funds transfer (EFT).
In addition, 50 jurisdictions representing 144 business areas have shown their commitment to uniformity by implementing the product coding matrices–an NAIC membership initiative. Forty-four of those jurisdictions have fully implemented all business areas.
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