The mission of the Speed to Market (EX) Task Force is to serve as the NAIC focal point for modernization of the insurance product filing and review processes. The Task Force will monitor the development and implementation of speed to market operational efficiencies and will support the development of national standards in conjunction with the IIPRC. The Task Force will also provide support to the IIPRC for initiatives that require uniformity and policy changes within the states.
Ongoing Support of NAIC Programs, Products or Services:
- Provide a forum for the review, discussion and recommendation regarding rate and form filing needs as impacted by the federal Patient Protection and Affordable Care Act (PPACA).—Essential
- Provide policy support and guidance regarding SERFF enhancements necessary for the states to comply with state law, federal law and/or contractual obligations.
- Provide a forum for discussing product filing issues related to the U.S.Department of Health and Human Services (HHS) and U.S. Center for Consumer Information and Insurance Oversight (CCIIO) activity.
- Provide input and guidance to other NAIC committees related to PPACA.
- Appoint an Operational Efficiencies (EX) Working Group to oversee the implementation and ongoing maintenance/enhancement of speed to market operational efficiencies that have been adopted. Report the results of this ongoing charge at each national meeting.—Essential
- Update the speed to market assessment tool that includes a nationwide summary and individual state summaries of speed to market compliance; report at each national meeting.—Important
- Facilitate proposed changes to the Product Coding Matrices (PCM) on an annual basis, including the review, approval and notification of changes. Monitor, assist with and report on state implementation of any PCM changes.—Essential
- Facilitate proposed changes to the Uniform Transmittal Document (UTD) on an annual basis, including the review, approval and notification of changes. Collaborate with the SERFF Board to ensure incorporation of UTD changes in SERFF.—Essential
- Use SERFF data to develop, refine, implement, collect and distribute common filing metrics that provide a tool to measure the success of the speed to market modernization efforts, with an emphasis on data that monitors state regulatory and insurer responsibilities for speed to market for insurance products; ensure full and complete communication of any change in filing requirements.—Essential
- Facilitate the review and revision of the Product Filing Review Handbook, which contains an overview of all of the operational efficiency tools and describes best practices for industry filers and state reviewers with regard to the rate and form filing and review process.—Essential
- In collaboration with the National Treatment and Coordination (E) Working Group, evaluate synergies between corporate changes/amendments and rate and form filing review and approval to improve efficiency.—Important
- Provide oversight in evaluating product filing efficiency issues for regulators and the industry.—Important
- Continue work on the development of uniform rate and form terminology for dispositions, filing objections, filing statuses and deemer provisions designed to further advance speed to market for rate and form filing and review.
- Survey the states and industry to gather information regarding common filing issues and develop recommendations for resolution.
- Serve as a forum for discussing tools to assist the states in meeting regulatory needs.
- Appoint a Commercial Lines (EX) Working Group to consider reforms in the commercial lines market.—Important
- Develop a summary of the state laws and regulations concerning commercial lines rate and form filing and approval, including the authority to exempt certain lines and whether that authority has been used and the definition of large-scale commercial risk exceptions.
- Conduct a survey of the average time for approval of commercial lines forms and rates by the states, to include the extremes, for various types of commercial insurance products.
- Document the experience of the states that have recently proposed or enacted legislation and/or implemented regulatory measures to streamline commercial lines regulation and what lessons have been learned from these efforts.
- Receive recommendations from interested parties as to how the states could improve the filing and approval process.
- Provide recommendations to the NAIC as to what it and the states can do to assist in making commercial lines regulation as effective and efficient as possible.
- Serve as the clearinghouse for input from the SERFF Board regarding SERFF.—Essential
- Conduct the following activities as desired by the IIPRC.—Essential
- Provide support to the IIPRC as the speed-to-market vehicle for asset-based insurance products, encouraging state participation in, and industry usage of, the IIPRC.
- Receive reports from the IIPRC at NAIC national meetings.
NAIC Support Staff: Julienne L. Fritz/Joy Morrison