We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (17,774)
  • Industry Conferences (3)
  • Industry Job Openings (3)
  • Moore on the Market (207)
  • Negative Media (139)
  • Positive Media (73)
  • Sheryl's Articles (656)
  • Wink's Articles (265)
  • Wink's Inside Story (238)
  • Wink's Press Releases (99)
  • Blog Archives

  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • May 2008
  • February 2008
  • August 2006
  • SERFF'S up for NAIC

    March 10, 2012 by Arthur D. Postal

    By Arthur D Postal

    March 2, 2012 •

     

    The unilateral decision by officials of National Association of Insurance Commissioners (NAIC) to broaden the use of the System for Electronic Rate and Form Filing (SERFF) to include regulatory purposes is coming under strong fire from industry trade groups.

    In a letter dated Feb. 22, four industry trade groups voiced “grave concern” with a NAIC executive committee memorandum filed Dec. 6 stating that “there is nothing that precludes the use of SERFF for regulatory purposes beyond rate and form filing.”

    The industry’s latest concerns were voiced in a letter sent by officials of the American Council of Life Insurers (ACLI); the American Insurance Association (AIA); the National Association of Mutual Insurance Companies (NAMIC) and the Property Casualty Insurers Association of America (PCI).

    What triggered the current concern is the request of states to use SERFF to support creation and operation of health insurance exchanges, which under the healthcare reform law will go into operation in 2014.

    The December memorandum approved the use of SERFF in implementing and running the health insurance exchanges.

    But, what most concerns industry is that the memo goes on to say that, “Furthermore, some state insurance regulators have requested that SERFF be used for other non-rate and form filing purposes.

    “In fact, a handful of states have implemented SERFF for alternative purposes,” the memo adds. “We understand that on an Oct. 5, 2011 conference call the SERFF board expressed support for allowing the use of SERFF for alternative purposes.”

    Such additonal uses include annual reports (advisory organizations, financial, etc.) and utilization review filings. “The NAIC executive committee hereby states their full support for alternative uses of SERFF, recognizing that the use of SERFF for filing submission, review and approval should not be compromised in the process, and directs the [SERFF] board to continue to support these purposes on a going forward basis, keeping in mind that the board’s responsibilities are limited to rate and form filing.”

    That goes to the heart of the industry concern that, “What the NAIC’s current position means is that if the SERFF board voted to oppose a fee increase with a supermajority vote, such action would be sent to the NAIC Executive Committee, which could overturn it,” one source said.

    “With so many states now mandating the use of SERFF, the SERFF board being limited to an advisory function is a significant change,” the source said.

    The source said that a primary concern is that the “NAIC could greatly expand its revenues through increases in SERFF fees and could expand SERFF into a tool to collect additional data, as has been suggested in the past.”

    In their letter, the trade group officials state that, “ Both the tone and substance of the Memorandum suggest a NAIC Executive Committee view regarding the role of the SERFF board and industry in future SERFF governance to which the insurance associations must respectfully, yet strongly, object.”

    The letter adds that, “The NAIC Executive Committee states in its 12/6/11 Memorandum that the SERFF Board is an advisory committee and repeatedly directs the SERFF Board to support certain uses of SERFF or to take certain actions that conflict with the express language of the SERFF bylaws.

    “These statements also appear dismissive of the past partnership between the industry and the regulators which has led to SERFF’s success,” the letter said.

    The issue was discussed this morning at one of the opening sessions of the NAIC’s spring meeting, being held in New Orleans.

    The topic has been simmering for more than two years. According to industry officials. The NAIC wants to amend the bylaws of its SERFF system so that the joint industry-regulatory board that now governs SERFF would become an advisory function to the NAIC executive committee, according to several industry officials who asked not to be quoted.

    The NAIC sees this as an issue of corporate governance, according to these sources.

    According to these officials, the industry’s perspective is that regulators and the industry originally had considered a number of ways to structure SERFF when it was organized, and agreed to house it at the NAIC so long as there were safeguards to prevent public disclosure of SERFF filings and the use of SERFF for other purposes and as well as assuring that SERFF fees were reasonable and used only for SERFF purposes rather than to subsidize other NAIC activities.

    The source said that those safeguards were institutionalized in the SERFF bylaws through super-majority voting requirements (10 of 13) on any fee increases or major changes in SERFF operations.

    The Feb. 22 acknowledged that industry is “fully aware and agree that the SERFF vision may need to evolve to meet regulators’ and industry’s changing needs.”

    Originally Posted at LifeHealthPro on March 2, 2012 by Arthur D. Postal.

    Categories: Industry Articles
    currency