Name Change

If a name, or merger with name change, for accident and health insurance products also affects life insurance and annuity products, a separate policy filing to effectuate such change(s) must be made with the Life Bureau (Albany office).  An issuer must first request approval of a name change from the Department of Financial Services (DFS) Office of General Counsel.

For Existing Business:

An issuer must submit a name change endorsement for approval to the Health Bureau (Albany Office) with the SERFF filing type of Normal Pre-Approval. The filing description or a letter uploaded to the Supporting Documentation tab in SERFF must include:

• A statement that all in-force forms are amended by the endorsement; and
• A statement advising:
  • Whether the proposed name change has been submitted to the Office of General Counsel, and if so, whether the Office of General Counsel has approved the proposed name change; and
  • If the issuer is a domestic insurer, whether the Office of General Counsel has approved the amendments to the issuer’s charter, or if the issuer is a foreign insurer, whether the issuer has filed the amendments to the issuer’s charter with the Office of General Counsel.

The issuer is not required to submit a list of all affected policies in the name change endorsement submission.

An issuer may submit one name change endorsement form to be used for both new business and existing business. However, the use of a name change endorsement for new business is limited to no more than the six-month period described under “For New Business” below.

Upon approval, the issuer must submit the name change endorsement to all in-force policyholders, contract holders, and certificate holders.  

If the issuer submits the name change endorsement for review by the Health Bureau before receiving the Office of General Counsel’s approval, the Health Bureau may issue a conditional approval, subject to and effective upon the Office of General Counsel’s approval of the name change.

Within six months of the name change endorsement’s approval date (and preferably earlier), the issuer must submit the rate manual with the new name for approval to the Health Bureau (Albany Office) with the SERFF filing type of Normal Pre-Approval.  

 

For New Business - use one of the following two options:

Option 1: Name change endorsement with updated forms within six months:

Submit a name change endorsement for approval to the Health Bureau (Albany Office) with the SERFF filing type of Normal Pre-Approval.

If approved, the endorsement can be used for a period not to exceed six months from the date of approval.

All policy forms amended by the endorsement need to be updated with the new issuer name and submitted for approval to the Health Bureau (Albany Office) (see Option 2 below for further instructions). Issuers should submit the forms as soon as possible, rather than waiting until the end of the six-month period. Requests for an extension of the six-month period are reviewed on a case by case basis.

When submitting a name change endorsement, the issuer must include a list of all policy forms to which the endorsement will be attached, including a brief description of the type of policy form, the form number, and the state tracking number.

Option 2: Updated policy forms only (no endorsement first):

The previously approved policy forms and rate manual must be revised by updating the issuer name and submitted for approval to the Health Bureau. (Please note that this is also required at the end of the six-month period for all policy forms amended by the name change endorsement.)

When submitting the forms and rate manual, use the SERFF filing type of Normal Pre-Approval. However, if the date of approval of the previously approved forms is within the three years prior to the date of submission of the new forms, and no changes other than the name change are made to the content of the forms, the new forms and rate manual may be submitted with the SERFF filing type of Certification by Previously Approved Form, rather than Normal Pre-Approval. Regardless of the filing type, the submission will be reviewed for compliance with statutory and regulatory requirements.

The submission must include:

A certification signed by an officer of the issuer stating that the language of the form(s) has been reviewed and is identical to the language in the previously approved form(s) except for the name change and, if applicable, any statutory or regulatory changes.

A list of all previously approved policy forms, including a brief description of the type of policy form, the form number, and the state tracking number, that will be replaced by the updated forms.

A statement advising:

Whether the Office of General Counsel has approved the proposed name change; and

If the issuer is a domestic insurer, whether the Office of General Counsel has approved the amendments to the issuer’s charter, or if the issuer is a foreign insurer, whether the issuer has filed the amendments to the issuer’s charter with the Office of General Counsel.

The rate manual with the new name and assurance that no other changes have been made to the content of the rate manual.

Policy forms that were not recently approved must be reviewed and updated to reflect any changes in statutes and regulations before the issuer submits the forms for approval.

If the issuer needs to make any changes to the previously approved forms to bring them into compliance with statutory or regulatory changes, the issuer should provide a black-lined copy of the form, indicating the specific changes made, under the Supporting Documentation tab in SERFF. The filing description or submission letter on the Supporting Documentation tab in SERFF should also identify the changes that were made. The Department’s review is not limited to the changes marked in the black-lined document or identified in the submission letter.

Since there will be a new issuer name on the policy forms being submitted, the issuer may retain the same form numbers used on the previously approved forms.