Property/Casualty Insurance Information For Insurers

Rate Filing Sequence Checklist

REVISED MANDATORY FILING PROCEDURE

As part of the Department’s ongoing efforts to streamline the review procedures and encourage the introduction of new or innovative insurance products, the Property Bureau has recently announced, through Circular Letter No. 5 (2009), significant enhancements to and a reformatting of the Rate Filing Sequence Checklist that is required to be submitted with all rate, rating rule and rating plan filings.  The Rate Filing Sequence Checklist prescribes the required informational and supporting exhibits that must be submitted for all rate, rating rule and rating plan filings. Insurers will continue to be responsible for developing their own exhibits, with the exception of the following preformatted exhibits: STM-1 (Master List of Compliance Checklists), and STM-2 (Rate and/or Rating Plan Compliance Certification).  These exhibits must be labeled according to the sequence numbering system of this checklist, and must contain the required information and support set forth in the instructions for each exhibit.  It should be noted that the NYSID Form No. 129-B is no longer in effect and should no longer be submitted.  Insurers and other filers are expected to begin using the revised Rate Filing Sequence Checklist effective immediately.  While adherence to the Rate Filing Sequence Checklist will enhance the review procedures of rate, rating rule and rating plan filings, compliance with the checklist alone does not guarantee approval or acknowledgment of any filing.  If you have questions or comments regarding the completion of the checklist, please contact Mr. Anthony Yoder, Supervising Actuary, Property Bureau, at the Department’s New York City address, or by telephone at (212) 480-5500 or by email to .

ANTICIPATED BENEFITS OF THE NEW FILING PROCEDURE

• The checklist includes the minimum information required by the Department for the approval/acknowledgement process of rate, rule and rating plan filings.
• Use of the checklist will enable insurers to prepare a complete and quality submission in order to get their products to market in a timely manner.
• The checklist is designed to promote the accuracy and completeness of the rate, rule and rating plan submissions filed with the Department.
• The Department's review of rates, rules and rating plans submitted using this process will be completed in a shorter period of time.

Rate Filing Sequence Checklist Title, Instructions & Links

• Rate Filing Sequence  Checklist:  PDF | Word
• Checklist Instructions:  PDF | Word
• Link to Standard Checklists

Updated 02/22/2013