Speed to Market (EX) Task Force
Meeting Summary and Action Items
March 31, 2008

The Speed to Market (EX) Task Force met on Monday, March 31, 2008.

During this meeting, the Task Force:

• Appointed three Working Groups:
• The Operational Efficiencies (EX) Working Group;
• The Personal Lines Market Regulatory Framework (EX) Working Group; and
• The Interstate Compact National Standards (EX) Working Group.

• Adopted the Operational Efficiencies Working Group’s report. The Working Group:
• Decided not to make any further revisions to the Uniform Review Standard Checklist as the intent is to phase out the checklists;
• Adopted Speed to Market revisions that will be posted to the NAIC website by November 15, 2008 and implemented January 1, 2009, to the:
• Uniform Property and Casualty Product Coding Matrix;
• Uniform Life, Accident and Health, Annuity and Credit Coding Matrix;
• Life, Accident and Health, Annuity, Credit Transmittal Document; and
• Life, Accident and Health, Annuity, Credit Transmittal Document (Instructions);
• Exposed a December 20, 2007, draft of the Product Filing Examiners Handbook that includes a list of chapters, table of contents, and Chapters One and Two. The Working Group will consider a work plan for the review of the handbook during its next conference call.

• Received a report that the Personal Lines Market Regulatory Framework Working Group did not meet during the quarter. A revised draft of the Personal Lines Regulatory Framework White Paper was distributed on March 27, 2008. The deadline for written comments on new sections of the paper is April 18, 2008. The Working Group anticipates meeting by conference call to finish the white paper and present it before the Speed to Market (EX) Task Force at the 2008 Summer National Meeting

• Received a report from the Interstate Compact National Standards Working Group on the activities during the 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 also discussed some options for developing group life and annuity standards. 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. Several standards have been forwarded to the IIPRC Product Standards Committee for its consideration.

• Heard an update on the activities of the Interstate Compact which included the expansion of the Compact filing platform, the addition of administrative staff, experienced regulators and an actuary, the implementation of new standards, an increase in filing volume, and the addition of Wisconsin to the Compact.

• Heard an update on SERFF activities. SERFF reported that it has contacted all states regarding Speed to Market Initiatives and major lines implementation, resulting in several additional states taking action. Company implementation has been continuously growing, including EFT. Three state mandates went into effect since the December National Meeting – Minnesota, New Hampshire and Colorado – all effective 1/1/08. Since the December National Meeting EFT was implemented for approximately 278 companies and the Marketing Team has licensed 90 entities comprising over 150 companies, most due to the SERFF mandates. SERFF usage has soared over the last few months, primarily attributable to TRIA. SERFF will likely receive 60,000 transactions in March, beating February’s monthly record of 46,497 filing transactions. SERFF also released two software enhancements, with a third soon to follow. The SERFF team plans to execute an enhancement need survey and continue state visits through 2008.

• Peg Ising, formerly with the Ohio Insurance Department, was presented an award recognizing her service to the Speed to Market initiative.

Action Items:

1. Appointed three working groups, the Operational Efficiencies (EX) Working Group, the Personal Lines Market Regulatory Framework (EX) Working Group, and the Interstate Compact National Standards (EX) Working Group.

2. Adopted the Operational Efficiencies Working Group’s report that included Speed to Market revisions to be implemented January 1, 2009, and exposed a December 20, 2007, draft of the Product Filing Examiners Handbook.

• Received the Personal Lines Market Regulatory Framework Working Group’s report that included the exposed March 27, 2008, draft of the Personal Lines Regulatory Framework White Paper.

• Received the Interstate Compact National Standards Working Group’s report.