Property and Casualty Rate and Form Filing Procedures: Serff and EFT Mandatory for property and Casualty Companies

JIM GIBBONS Governor DIANNE CORNWALL Director STATE OF NEVADA BRETT J. BARRATT Commissioner of Insurance [LOGO] # DEPARTMENT OF BUSINESS AND INDUSTRY # DIVISION OF INSURANCE 1818 College Parkway, Suite 103 Carson City, Nevada 89706 (775) 687-0700 • Fax (775) 687-0787 Website: doi.nv.gov E-mail: insinfo@doi.state.nv.us Bulletin 10-010 Replaces Bulletin 09-007 December 21, 2010 # PROPERTY AND CASUALTY RATE AND FORM FILING PROCEDURES: SERFF AND EFT MANDATORY FOR PROPERTY AND CASUALTY COMPANIES Nevada law requires that property and casualty insurers, title insurers, service contract providers, motor clubs and premium finance companies file certain rates, rules and forms with the Commissioner of Insurance (“Commissioner”). This bulletin outlines the submission and review procedures for these filings. # SERFF FILING METHOD MANDATORY: Regulation R097-10 mandates that, effective December 31, 2010, all rate, rule and form filings for property and casualty lines of insurance must be submitted to the Division of Insurance (“Division”) using the System for Electronic Rate and Form Filing (“SERFF”). Additionally, the Electronic Funds Transfer (“EFT”) function within SERFF must be used when submitting the filing fee. The Division urges other entities not subject to this mandate to use the SERFF method of filing and EFT method of payment to help expedite and streamline the filing process. # GROUP FILINGS: The Division allows multiple insurers in a group to submit rates, rules and forms for property and casualty insurance in a single filing made on behalf of the group. Group filings are subject to the following conditions: urges other entities not subject to this mandate to use the SERFF method of filing and EFT method of payment to help expedite and streamline the filing process. # GROUP FILINGS: The Division allows multiple insurers in a group to submit rates, rules and forms for property and casualty insurance in a single filing made on behalf of the group. Group filings are subject to the following conditions: 1. The insurer must identify the filing as being filed on behalf of the group and separately identify each company to which the filing applies. 2. The insurer must submit a filing fee required for a rate, rule or form filing for the first company based on the fee structure as outlined below, and $25 for each additional company included in the filing. If the filing fee for the first company is less than $25, each additional company included in the filing must pay the same amount as the first company. -1- (NSPO Rev. 9-10) L. 5 NOTE: Group filings are not allowed if the filing is a rate filing that requires actuarial data. In this case, each company must submit a separate filing with data specific to that company. ## FILING PROCEDURES: When submitting a rate, rule or form filing, companies must adhere to the following guidelines: ### SERFF Filings: 1. Populate all fields in accordance with the state filing instructions contained in SERFF; do not bypass required fields. 2. Submit a summary of the proposed changes in the filing. 3. Attach searchable PDFs (not scanned documents). 4. Include the correct filing fee amount: a. Submit the filing fee using EFT (required for property and casualty lines); or b. Attach a paper check to the Filing Information document (from PDF Pipeline) and mail to: State of Nevada Department of Business and Industry Division of Insurance 1818 E. College Parkway, Suite 103 Carson City, Nevada 89706 ch searchable PDFs (not scanned documents). 4. Include the correct filing fee amount: a. Submit the filing fee using EFT (required for property and casualty lines); or b. Attach a paper check to the Filing Information document (from PDF Pipeline) and mail to: State of Nevada Department of Business and Industry Division of Insurance 1818 E. College Parkway, Suite 103 Carson City, Nevada 89706 5. Submit confidential information as separate attachments from public documents with a letter of explanation, stating why the information should be kept confidential, for the Commissioner's consideration and ruling. ### Paper Filings: Paper filings are only accepted for title underwriters and agencies, service contract providers, motor clubs and premium finance companies. The filings must include: 1. The "Property & Casualty Transmittal Document" authored by the National Association of Insurance Commissioners ("NAIC"). This form can be found on the Division's Web site at http://doi.nv.gov. The "type of insurance" and "sub-type of insurance" must be accurately completed. 2. A check in the appropriate amount pursuant to the fee structure outlined below (NRS 680B.010(32) and NAC 690C.100). 3. One original copy of the filing. 4. A duplicate of the filing, or cover letter, for return to the company as proof of filing. -2- 5. Confidential information must be clearly identified, separate from non-confidential material in the filing; and accompanied by a letter of explanation, stating why the information should be kept confidential, for the Commissioner's consideration and ruling. 6. A stamped, self-addressed envelope large enough to hold the return documents. # **FILING FEES:** - Policy or coverage forms: $25 per form - Endorsements, declaration pages, applications, etc.: $10 per form - Rates/rules: $25 per filing - Adoption/non-adoption/delay of a Rate Service Organization filing: o Rate/rule: $25 o Forms: $10 - Withdrawal of any number of rates/forms: $10 per filing 6. A stamped, self-addressed envelope large enough to hold the return documents. # **FILING FEES:** - Policy or coverage forms: $25 per form - Endorsements, declaration pages, applications, etc.: $10 per form - Rates/rules: $25 per filing - Adoption/non-adoption/delay of a Rate Service Organization filing: o Rate/rule: $25 o Forms: $10 - Withdrawal of any number of rates/forms: $10 per filing New program: All forms, rates and rules are included for one $25 fee per company Group filing: The first company must pay a filing fee according to the number of forms included in the filing and/or for each rate or rule filing as stated above; each additional company on the filing must pay the same amount as the first company or $25, whichever is less. # **RETENTION REQUIREMENTS:** The Division retains SERFF filings electronically through the NAIC. For paper filings, the Division maintains the stamped original letter of submission and other materials it considers necessary to justify its approval. Each company shall maintain copies of all correspondence, forms and data submitted to the Division in a rate, rule or form filing for a period of three years after the form has been withdrawn from use. Every insurer and rate service organization and every group, association or other organization of insurers which engages in joint underwriting or joint reinsurance must maintain all information necessary to support rating plans, underwriting rules and coverage forms. The maintenance of such records by a licensed rate service organization of which an insurer is a member or subscriber will satisfy compliance with this section. Such records must be available for inspection by the Commissioner with reasonable advance notice pursuant to NRS 679B.230. # **REQUIRED FILINGS:** Pursuant to NRS 686B.030, NRS 686B.070, NRS 686B.110, and other statutes referenced below, the following filings are required (unless otherwise noted): -3- ation of which an insurer is a member or subscriber will satisfy compliance with this section. Such records must be available for inspection by the Commissioner with reasonable advance notice pursuant to NRS 679B.230. # **REQUIRED FILINGS:** Pursuant to NRS 686B.030, NRS 686B.070, NRS 686B.110, and other statutes referenced below, the following filings are required (unless otherwise noted): -3- **Property and Casualty Forms (Excluding Workers' Compensation):** Policy coverage forms, endorsements, application forms, cancellation/non-renewal notices and declaration pages for all property and casualty insurance must be filed on a prior-approval basis. No forms are required to be filed for insurance for aviation (NAC 686B.530). **Property and Casualty Rates (Excluding Workers' Compensation):** Rates and rules must be filed on a prior-approval basis for insurance covering the liability of a practitioner licensed pursuant to Chapters 630 to 640, inclusive, of the NRS (medical professional liability insurance) and all personal lines of property and casualty insurance including, but not limited to: - Dwelling, up to 4 units - Motor vehicle insurance covering private passenger vehicles - Personal umbrella - Personal inland marine, including pet insurance - Vehicle mechanical breakdown - Insurance for home protection (regulated pursuant to NRS 690B.100 to NRS 690B.180, inclusive) Rate filings must be approved or disapproved by the Commissioner no later than 60 days after they are determined to be complete; otherwise they are deemed approved. No rates or rules for commercial lines, other than medical professional liability, are required to be filed. Vehicle mechanical breakdown - Insurance for home protection (regulated pursuant to NRS 690B.100 to NRS 690B.180, inclusive) Rate filings must be approved or disapproved by the Commissioner no later than 60 days after they are determined to be complete; otherwise they are deemed approved. No rates or rules for commercial lines, other than medical professional liability, are required to be filed. **Workers' Compensation Forms:** Each form or modification to a form that the insurer intends to use must be filed with the Commissioner for approval. The insurer does not need to file a form that was filed by the advisory organization (National Council of Compensation Insurance or NCCI) and approved by the Commissioner. Workers' compensation forms must be approved or disapproved by the Commissioner no later than 60 days after they have been filed, otherwise they are deemed approved (NAC 616B.620). **Workers' Compensation Rates:** Insurers must file loss cost multipliers or final rates. No filing is necessary to adopt revised loss costs filed by the advisory organization if the company has already filed loss cost multipliers. Insurers must adopt the loss costs filed on their behalf by the advisory organization on the effective date established by the advisory organization. Any modification to the loss cost multipliers, schedule rating plans, deductible plans or other rating rules must be filed on a file-and-use basis at least 15 days before the rates become effective (NRS 686B.1775). lready filed loss cost multipliers. Insurers must adopt the loss costs filed on their behalf by the advisory organization on the effective date established by the advisory organization. Any modification to the loss cost multipliers, schedule rating plans, deductible plans or other rating rules must be filed on a file-and-use basis at least 15 days before the rates become effective (NRS 686B.1775). **Title Insurance:** Rate schedules, schedules of charges and all forms, including preliminary reports of title, binders for insurance and commitments to insure, letters of indemnity, policies of insurance or guaranty, and terms of insurance which relate to the title to any interest in property, must be filed on a prior-approval basis. Title insurance filings must be approved or disapproved by the Commissioner no later than 30 days after they are filed, otherwise they are deemed approved (NRS 692A.120). Rate schedules must be filed with the Commissioner at least 30 days before the effective date and prominently displayed in each office of the title underwriter or agency (NRS 692A.140). -4- **Service Contracts:** All service contract forms must be filed on a prior-approval basis. These service contract filings must be approved or disapproved by the Commissioner no later than 60 days after they are determined to be complete, otherwise they are deemed approved (NRS 690C.160 and NAC 690C.100). **Motor Clubs:** All evidence of membership forms, statements of services and benefits, and service contracts must be filed on a prior approval basis. Any revision to these approved materials must be filed on a file-and-use basis on or before its effective date (NRS 696A.200). han 60 days after they are determined to be complete, otherwise they are deemed approved (NRS 690C.160 and NAC 690C.100). **Motor Clubs:** All evidence of membership forms, statements of services and benefits, and service contracts must be filed on a prior approval basis. Any revision to these approved materials must be filed on a file-and-use basis on or before its effective date (NRS 696A.200). **Premium Finance:** All schedules of rates and charges must be filed with the Commissioner at least 60 days before the rates become effective. All finance agreement and notice forms must be filed on a prior-approval basis. These form filings must be approved or disapproved by the Commissioner no later than 60 days after they are filed, otherwise they are deemed approved (NRS 686A.385 and NRS 686A.390). **Surety Insurance:** No rates, rules or forms are required to be filed (NRS 686B.030). The procedures set forth in this bulletin replace Bulletin 09-007. Bulletin 09-007 is hereby withdrawn. BRETT J. BARRATT Commissioner of Insurance -5-