State boosts speed to market for all insurance lines

According to a news release, all such filings accepted by the division will be stored and viewed via the System for Electronic Rate and Form Filings, or SERFF.

The move is designed to streamline review, file storage and public access processes, and it also should result in faster approval of rates, rules and forms for insurance companies.

“The changes initiated by the insurance market regulation division help modernize our regulatory efforts,” said Department of Insurance Director Doug Ommen in the release. “Improvements like these help to lower costs and improve efficiency for both the department and the insurance industry.”

Insurance companies will have to comply with new instructions to submit paper filings for review by an analyst, and failure to comply with these instructions, including restrictions on stapling and binding, will result in the noncompliant form being returned.

Specific filing guidelines are available online at www.insurance.mo.gov/industry/filings/index.htm.