SERFF Board of Directors
Summer 2009 Meeting Summaries Index

The SERFF Board of Directors met on April 15, May 20 and June 13, 2009.

During these meetings, the SERFF Board of Directors:

• Received an update on SERFF financials. SERFF’s monthly financials were presented, as well as a current, cumulative look at SERFF, fully burdened with expenses that are not shown on the standard financials for Department 89, from 1995. The Board requested that financial materials are included in interested party meeting packets for the next meeting.

• Received an update on the Dept. 89 2010 draft budget. The Board learned that the 2010 budget is very similar to the 2009 budget. Both revenues and expenses show very little growth, indicative of SERFF’s position in the rate and form filing market. The 2010 Dept. 89 budget shows SERFF revenue and expenses separate from OPTins.

• Received modifications to SERFF’s Strategic Plan. These modifications include updates on current enhancements scheduled for SERFF v5.7 to be released in September; development of a tool to make simple data moves from one data hoster to another; and an allocation of development hours to create a proof-of-concept code for several other scenarios related to data modification and state retention of data.

• Received a report on SERFF development. SERFF v5.7 is in development and testing with a release date in the fall.

• Received a report on SERFF marketing. Overall, through the first five months of 2009, SERFF filing transactions are down 9% compared to the same time last year. There have been 95 companies licensed to use SERFF since the Spring National Meeting. Eighty-seven percent of SERFF’s 2,900 companies use Electronic Funds Transfer.

• Received a report on state implementation of Speed to Market initiatives. Hawaii is eliminating a paper copy requirement through legislation to complete the state’s initiatives. Kentucky is expected to complete their health implementation by the end of June. California should be fully implemented across all life lines by the end of June.

• Filled seats on the Product Steering Committee as follows: Anthony Bonner (NY); Charlie Rapacciuolo (IIPRC); Susan Ezalarab (representing IIPRC); David Logan (The Hartford); Cheryl Broughton (John Hancock); and Charlotte Libby (Progressive).

• Approved 120 hours of development toward proof-of-concept work on four scenarios relating to data modification and state data retention, and 240 hours of development to build a tool to handle data moves from one data hoster to the other.

• Discussed the SERFF bylaws issue and determined that the bylaws subcommittee could include ex-officio as well as current Board members. The subcommittee size has yet to be determined.

• Reviewed a filing fee analysis, which showed that 78-86% of the rate and form filings received by states are being submitted via SERFF. SERFF’s growth has slowed, and very little growth has been projected for the 2010 budget.

Action Items:

• Requested that analysis of the forms-driven filings feature continue in parallel with the requirements definition work to be done on the Product Requirements Locator.

• Adopted minutes from the March 15 SERFF Board meeting and the May 20 and April 15 SERFF Board conference call meetings.

•  Requested an update on the Medicare Supplement Product Coding Matrix be placed on the agenda for the next call.

• Appointed five new Product Steering Committee members.

• Approved development hours for data modification and state data retention features in SERFF.