FOR IMMEDIATE RELEASE
Superintendent of Insurance Gregory V. Serio today announced that New York has expanded its acceptance of electronic filings. Life insurers can now submit policy forms and rate filings through the NAICs System for Electronic Rate and Form Filing (SERFF) for select individual term life products.
"Last year the Department initiated the SERFF function with property/casualty insurers. The expansion to include life products exemplifies the Departments continued commitment to promoting increased efficiency of the rate and form filing process," said Serio.
SERFF allows insurers to obtain state approval by submitting policy forms and rate filings electronically. The evaluation, review and approval process is also completed in this electronic environment. An important component of SERFF is the submissions requirements database, which helps eliminate incomplete filings and improves the quality of the submissions by detailing what must be filed by insurers. These capabilities provide for a more efficient transaction between insurers and the Department towards reducing the review and process time.
In addition, the System facilitates the development of product innovations and enhancements, which can now be made available to consumers in a more timely manner. It also provides the Department with increased review and analysis capabilities that enable examiners to focus on key regulatory components of insurance products that will better protect the insurance buying public.
"Broadening the use of SERFF is vital as it addresses the changing needs of consumers which is a key part of the Departments overall effort towards "speed to market" insurance products," added Serio. " We look forward to SERFFs continued expansion and as we continue to gain experience with the system, the Department will accept additional lines of business and types of insurance under SERFF and will ultimately be utilized industry-wide."