Insurers operating in a competitive market can best serve consumers when they are able to innovate and respond to changing market conditions by introducing new and updated products without having to overcome unnecessary regulatory hurdles. Rate regulation in competitive markets is among the most significant and persistent of such obstacles by drastically slowing the process through which new products are approved for sale.
Many states have taken steps to modernize their regulation of commercial lines by enacting statutes exempting transactions involving larger and more sophisticated commercial entities from rate and form filing requirements. There have been significant gains in the approval process in other areas. The development of the System for Electronic Rate and Form Filing, or SERFF by a joint industry/regulator coalition has greatly enhanced communication between insurers and regulators to facilitate review and approval of new and innovative products.
NAMIC is strongly supportive of initiatives that enable insurers to compete more effectively by introducing new and updated products to the market in an efficient manner.
December 15, 2017 The Nebraska Department of Insurance recently issued a checklist for dwelling fire form and rate filing requirements... Read more
August 16, 2017 NAMIC expressed strong concerns to the Big Data (EX) Working Group... Read more
April 27, 2017 NAMIC-supported SB 985, which would exempt insurers that transact certain classes of commercial insurance from the requirement to file rates or policy forms for... Read more
November 12, 2014 The Commercial Lines (EX) Working Group will review comments on its draft recommendations to its parent Speed to Market (EX) Task Force when it meets Nov. 15. NAMIC submitted comments to the working group on Nov. 5 addressing two points in the draft rec... Read more
May 6, 2013 The 2013 Florida legislative session ended Friday evening after several days of “chicken” between the House and Senate on the Senate’s push to repeal the salary tax credit for insurers, SB 1832. Ultimately, the House was successful in maintaining the cr... Read more