On June 28, 2010, the New York Insurance Department (the “Department”) held a hearing to obtain comments from the public regarding how to enhance Department procedures. Comments were invited on the processing of rate and form filings, regulatory filings, and company and producer licensing and renewal applications. Discussion topics also included:
- • the potential to increase the use and applicability of the System for Electronic Rate and Form Filing;
- • use of revised and updated product outlines or guidelines;
- • improved communication regarding product standards;
- • methods to improve the post approval review 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.
We will continue to monitor progress in the reform efforts, and will provide timely updates as developments occur.