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General Guidelines for Rate, Form, Territory, Classification and Rule Filings

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General Guidelines for Rate, Form, Territory, Classification and Rule Filings.

Department’s initiative to streamline the procedures for form, rate and rule filings

These guidelines represent the Department’s efforts to streamline the review procedures and encourage the introduction of new or innovative insurance products. They include minimum requirements and optional procedures which insurers may use in order to expedite their filings.

Procedures for form, rate and rule filings

Insurers must comply with the use of uniform filing procedures currently employed by the Department in its review of policy form, rate and rule filings. While compliance with such procedures does not guarantee acknowledgement or approval of the filing, it does guarantee an expedited review of such filing. The procedures include such basic instructions such as the following:

  1. information to be included in the cover letter;
  2. the number of copies to provide;
  3. the address of the Department;
  4. procedure for requesting receipt of acknowledgement;
  5. Departmental representatives for "Speed to Market" filings; and
  6. instructions for "Me Too" filings

It also includes more specific instructions such as the following:

  1. instructions for completing the mandatory Rate Filing Sequence Checklist and Form 129-B;
  2. type of support required for rate filings;
  3. documentation required for revisions; and
  4. minimum policy provisions and prohibited coverages.

Optional "Speed to Market" Filing Procedures

Insurers may utilize this optional procedure to further expedite the Department’s review of form, rate and rule filings. Filings submitted under this new process will be given priority in the review process. The Department will rely on insurers’ submission of completed certificate of compliance and the completed products checklists in order to shorten the period of review.

Product Checklist Procedures

The use of review standards checklists and compliance questionnaires are mandatory for "Speed to Market" filings pursuant to Supplement No. 5 to Circular Letter No. 11(1998), issued on March 21, 2003, and optional for all other submissions. These checklists serve as a guide to the various statutory and regulatory requirements applicable to specific types of policies. This will improve the speed for all insurers.


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