Speed to Market (EX) Task Force
December 4, 2007

The Speed to Market (EX) Task Force met on December 4, 2007. During the meeting, the Task Force adopted a motion that the Task Force and all working groups of the Speed to Market Task Force be authorized to continue working on assignments during the period between the election of new NAIC officers and the appointment of members to the Speed to Market Task Force and its working groups.

The Task Force discussed the following items:

• The Task Force heard a report from its Operational Efficiencies Working Group and learned the Working Group exposed Chapters One and Two of the Product Filing Examiners Handbook. The Working Group will begin the review of Speed to Market Tools Suggestions to be implemented January 1, 2009.

• The Task Force heard a report from the Personal Lines Market Regulatory Framework Working Group on its activities during the quarter. Chair David Parsons (AL) reported that work on its white paper was nearly complete. He promised delivery of a final report at the 2008 NAIC Spring National Meeting.

• The Task Force received a report from the Interstate Compact National Standards Working Group on the activities during quarter of its four drafting teams. Progress continues to be made on developing standards for life insurance, disability insurance, long-term care and annuities. The Working Group no longer adopts Standards at the NAIC quarterly meetings. Under the new process, the Standards approved by the Subgroups are forwarded directly to the Interstate Insurance Product Regulation Committee's Product Standards Committee.

• The Task Force was updated on the activities of the Interstate Insurance Product Regulation Commission (IIPRC). The Task Force learned that the IIPRC has 30 members including Puerto Rico and has received and completed several filings during the quarter. The IIPRC has adopted 38 product filing standards and is using volunteer professional staff from compacting states for product review. Sara Bamford has been promoted to Operations Manager. Charles Rapacciuolo who will retire from the New York State Department of Insurance at the end of this month will be joining the IIPRC in January. Mr. Rapacciuolo received the 2007 Robert Dineen Award yesterday and was recognized for his accomplishments.

• The Task Force received an update on SERFF activities. There continues to be 50 states, D.C. and Puerto Rico accepting SERFF filings with 46 accepting all major lines of business for life insurance products, 41 for health products and 50 for property and casualty products. The Implementation Team is currently developing strategies to get the remaining states implemented for all lines of business and filing types in SERFF. Twelve states currently mandate or will be mandating the use of SERFF or electronic filings. The SERFF Marketing and Implementation Teams are diligently working to implement companies as a result of states mandating SERFF for rate and form filings. SERFF usage is continuing to rise and another monthly record was set in October, breaking the last monthly transaction record set in August. In October, there were 41,562 filings transactions sent via SERFF. As of November 28, 2007 there were approx 347,000 transactions submitted via SERFF.

Action Items

1. Adopted a motion allowing the Task Force and each of the working groups to continue working on assignments during the period of time between the election of new NAIC officers and the appointment of members to the Task Force and its working groups.

2. Received a report of the Operational Efficiencies Working Group.

3. Received a report from the Personal Lines market Regulatory Framework Working Group.

4. Received a report from the Interstate Compact National Standards Working Group.