Department To Hold Hearing On Reform of Rate, Form, Regulatory Filings and Licensing Applications

NEW YORK, NY (06/18/2010)(readMedia)-- The New York State Insurance Department will hold a hearing on June 28 to hear from the public on how to enhance Department procedures. Comments are invited on the processing of rate and form filings, regulatory filings, and company and producer licensing and renewal applications. The goal is to improve the timeliness of filings and approvals and streamline processes and procedures, Insurance Superintendent James J. Wrynn said.

"To ensure that New York remains a leader in both consumer protection and creating a good business climate, we must continually work to modernize the Insurance Department's handling of rate and form filings, regulatory filings, and licensing applications in all areas of insurance. At a time when government must work with limited resources, it is essential to make the Department as efficient and effective as possible. The goal is to make our regulatory reviews timely and ensure we focus our efforts on the most important issues," Superintendent Wrynn said.

"We look forward to hearing from consumers, insurers, agents, brokers and anyone else who has ideas on how to make what is already a superb Department even more efficient and effective," Wrynn continued.

Examples of possible discussion topics include:

• The potential to increase the use and applicability of the System for Electronic Rate and Form Filing (SERFF);

• Use of revised and updated product outlines or guidelines;

• Improved communication regarding product standards;

• Methods to improve the post approval review (PAR) process;

• Methods to improve the certified filing process for life insurance products;

• Ways to increase the adequacy of Departmental resources;

• Prioritizing filings for review based on facts such as multi-state programs and involvement of Rate Service Organizations;

• Increasing the scope of "file and use" methodology;

• Improved use of the Department's website to educate and provide meaningful help with filing requirements;

• Automatic expedited review of filings having no rate impact; and

• Enhanced communication through regulations, circular letters, checklists, guidelines, and/or model contract language to decrease errors in filings and the amount of back-and-forth between the Department and regulated entities.

Oral testimony will be limited to five minutes per person. Testimony can be scheduled and written testimony submitted through the Department's website: www.ins.state.ny.us.

Written comments for the hearing record also may be submitted to Department Modernization 2010 Hearings, Public Affairs Bureau, New York State Insurance Department, 25 Beaver Street, New York, NY 10004, or e-mailed to PublicHearingsComments@ins.state.ny.us with the subject line "DEPARTMENT MODERNIZATION 2010 HEARINGS." The Department will accept comments for up to five business days after the hearing.

In accordance with the Americans with Disabilities Act, the Department will provide a reasonable accommodation, including interpreter services for the hearing impaired, at no charge to any covered individual wishing to testify at these hearings, provided that such a request is received at least five business days prior to the hearing date and either communicated in writing to Department Modernization 2010 Hearings, Public Affairs Bureau, New York State Insurance Department, 25 Beaver Street, New York 10004, or by calling the Department at (212) 480-5262.

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