The Montana Commissioner of Securities and Insurance (CSI) published an advisory memorandum informing insurers that they are required to complete a certification form when making statistical reporting filings.
This advisory is supplemental to another published on July 25, 2023. After conducting an internal review, CSI discovered that there were significant compliance issues in rate filings.
To combat those issues, CSI required that all property and casualty rate and rule filings include a certification that the filings comply with Title 33 of the Montana Code and Chapter 6.6 of the Montana Administrative Rules, to the best of an officer's knowledge. The officer must also review the CSI P&C Rate/Rule Filing Guide available on their website.
This supplementary advisory adds to the form a certification that the filings are also in compliance with the statistical reporting requirements found in §§ 33-16-105 and 33-16-202, MCA. The form will be updated and can be found here. Statistical reporting must be made through SERFF.
The advisory can be found here.