Informational Filings for Commercial Insurance

DIVISION OF INSURANCE Frank H. Murkowski, Governor 550 W. 7th Avenue, Suite 1560, Anchorage, Alaska 99501-3567 Telephone: (907) 269-7900 Fax: (907) 269-7910 Text Telephone: (907) 465-5437 E-mail: insurance@commerce.state.ak.us Website: http://www.commerce.state.ak.us/insurance/ BULLETIN B 05-06 TO: ALL PROPERTY/CASUALTY INSURANCE COMPANIES SUBJECT TO RATE AND FORM FILING REQUIREMENTS, AND OTHER INTERESTED PARTIES RE: INFORMATIONAL FILINGS FOR COMMERCIAL INSURANCE The division has adopted regulations dealing with rate and form filings providing coverage for exempt commercial policyholders, which became effective on June 11, 2005. These regulations are in 3 AAC 29.500 – 3 AAC 29.550 and may be found on the divisions website at http://www.commerce.state.ak.us/insurance/pub/CommercialLinesRegulations.pdf. Commercial insurance includes property insurance as defined in AS 21.12.060 and casualty insurance as defined in AS 21.12.070. For purposes of exempt commercial policyholder filings, commercial insurance does not include workers’ compensation insurance. Rate and form filings for policyholders who qualify as exempt commercial policyholders under 3 AAC 29.545 are exempt from prior approval requirements. However, informational filings must be submitted to the division no later than 30 days after the proposed effective date of the filing. Please allow sufficient mailing time for timely submission. The subject line of the cover letter should include the words “Exempt Commercial Policyholder.” SERFF filings should indicate the filing is for an exempt commercial policyholder by placing “yes” in the “Exempt Commercial Policyholder” field of the State Specific Fields in the filing Transmittal Header. An insurer that submits a filing under 3 AAC 29.500 – 3 AAC 29.550 must submit filings that comply with Alaska insurance law. The division has received several questions from insurers who have previously had filings disapproved because they violated Alaska insurance law. The question these insurers have asked is can they now submit a previously disapproved filing as an informational filing to be used with exempt commercial policyholders without correcting the deficiencies noted in the disapproval. The answer is no because all rates, rules, and forms used in Alaska must comply with Alaska insurance law. In an informational filing, the insurer is responsible for submitting filings that comply with Alaska insurance law. Each insurer should review the appropriate check lists on the division website to evaluate whether the proposed filing is in compliance with Alaska insurance law. An insurer who submits a filing that violates Alaska insurance law is subject to appropriate administrative action. If you have questions regarding this bulletin or the regulations, please contact the Division of Insurance, P.O. Box 110805, Juneau, AK 99811-0805; (907) 465-2515; or via electronic mail at insurance@commerce.state.ak.us. Dated this 12th day of August, 2005, at Anchorage, Alaska. Linda S. Hall Director