STATE OF NEW YORK
INSURANCE DEPARTMENT
25 BEAVER STREET
NEW YORK, NY 10004-2319
STATE OF NEW YORK
INSURANCE DEPARTMENT
25 BEAVER STREET
NEW YORK, NY 10004-2319
| Supplement No. 4 to Circular Letter No. 11 (1998) August 9, 2002 |
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| TO: | All Authorized Property/Casualty Insurers and Rate Service Organizations | |
| RE: | Procedures For The Filing Of Policy Rules And Rates: New Mandatory Rate Filing Sequence Checklist |
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| STATUTORY REFERENCES: Section 201 and Article 23 of the New York Insurance Law and 11 NYCRR 161 (Regulation 129) | ||
Circular Letter No. 11 issued May 7, 1998 and the previous three supplements to Circular Letter No. 11 dated November 10, 1998, December 20, 1999, and August 21, 2000, highlighted the Department’s ongoing efforts to streamline the required review process to assure that decisions are made with respect to each filing in an expeditious manner. As part of these efforts, the Property Bureau recently introduced on a trial basis the Rate Filing Sequence Checklist for use with rates, rules and rating plans filings. Based upon the favorable response to this trial, the Rate Filing Sequence Checklist will be required for all submissions involving rates, rules and rating plans filings that are filed on or after September 16, 2002. The provisions of Article 23 require the Superintendent to review rate filings prior to their being placed into effect. The Department’s goal is to complete its review within a reasonable time so that insurers’ products can be brought to market as soon as practicable. We have found that delays in the review process are often the result of insurers’ submissions that are either incomplete or are not drafted in accordance with statutory and regulatory requirements applicable to the subject of the filing. The new checklist incorporates the minimum information required by the Department for the approval/acknowledgement of rates, rules and rating plans filings. It provides insurers with information on all requirements relevant to the rate filing process. The use of the Rate Filing Sequence Checklist by insurers will:
Completion of Form 129-B is an element of the Rate Filing Sequence Checklist and will continue to be used in conjunction with it. The Rate Filing Sequence Checklist and the instructions to complete the checklist are available for downloading in either PDF format or as Word 97 documents from the Department’s Web site at http://www.ins.state.ny.us/ipchklst.htm. As noted above, the Rate Filing Sequence Checklist will be mandatory for all rates, rules and rating plans filings procedures, including Speed-to-Market and SERFF filings, as well as "regular" (Non Speed-to-Market) filings. Please note the optional "Speed-to-Market" filing procedure is not currently available for rate filings for the following lines of business: (i) Personal Automobile; (ii) Public Automobile; (iii) Workers Compensation; and (iv) Physicians' & Surgeons' Medical Malpractice Liability. Please address any comments or inquiries regarding this supplement to: Anthony Yoder, Supervising Actuary Phone: (212) 480-5500 e-mail: ayoder@ins.state.ny.us If you cannot access the Department’s Web site, you can obtain electronic copies of all aforementioned forms by sending an IBM formatted 3½-inch diskette and a stamped, self-addressed mailer to Mr. Yoder.
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