Extended Review Period for Rate, Form, and Advertisement Filings

Department of Commerce, Community, and Economic Development DIVISION OF INSURANCE Juneau Office P.O. Box 110805 Juneau, Alaska 99811-0805 Main: 907.465.2515 Fax: 907.465.3422 Bulletin B20-21 TO: ALL INSURERS AUTHORIZED TO TRANSACT INSURANCE IN THE STATE OF ALASKA AND OTHER INTERESTED PARTIES RE: EXTENDED REVIEW PERIOD FOR RATE, FORM, AND ADVERTISEMENT FILINGS The United States is seeing the rapid global spread of a communicable disease COVID-19 (coronavirus). Based on the authority given to the Director of Insurance during an emergency under AS 21.06.080(d), the division issues the following guidance to insurers. In light of orders by health officials in several jurisdictions recommending telework or requiring social distancing in the workplace, it may not be reasonable for companies or the Division of Insurance to review rate, form, and advertisement filings consistent with the standard review timeframes. The division is notifying insurers that effective immediately filings will be automatically extended as permitted by statute. • Prior Approval Forms: under AS 21.42.123 insurers will be allowed an additional 15 days to respond to objection letters for a total of 45 days. The state will be permitted an additional 30 days for a total of 60 days. • File and Use Forms: under AS 21.42.125 filings will be automatically granted the 30-day extension. The filings must be completed within 60 days. • Prior Approval Rates: under AS 21.39.041 insurers will be allowed an additional 15 days to respond to an objection letter for a total of 45 days. The division review may take an additional 15 days resulting in 30 days for the division to review. • File and Use Rates: under AS 21.39.220, AS 21.51.405, and AS 21.54.015, insurers and the state will be allowed a 15-day extension. Under AS 21.57.080, insurers and the state will be allowed a 30-day extension. The waiting period is automatically extended to 60 days. Insurers are also notified that insurers may request filings originally submitted as File and Use be treated as Prior Approval if their company experiences operational challenges due to COVID-19. The division reserves the right to treat File and Use filings as Prior Approval if deemed necessary by the director. A notice will be posted in the System for Electronic Rates and Forms Filing should this occur. Questions relating to this bulletin can be referred to Katie Hegland, Property and Casualty Supervisor at katie.hegland@alaska.gov or Sarah Bailey, Life and Health Supervisor at sarah.bailey@alaska.gov. Dated November 16, 2020 _______________________________ Lori Wing-Heier Director