Speed to Market (EX) Task Force
Speed to Market (EX) Task Force Page
Executive (EX) Committee Task Forces and Working Groups Summary Report
Fall 2009 Meeting Summaries Index

The Speed to Market (EX) Task Force met Sept. 23, 2009. During this meeting, the Task Force:

  • Adopted 2010 proposed charges.
  • Adopted the report of the Operational Efficiencies Working Group, which included:
    • A progress report on the Product Filing Review Handbook recognizing the near completion of chapter three on property/casualty ratemaking and upcoming work on the chapters devoted to SERFF and speed-to-market tools. In addition, a review of the regulatory data chapter is under way and work for the life/health ratemaking chapter shall be undertaken soon.
    • A report that work on the Product Requirements Locator has been suspended pending a commitment from the industry illustrating broader support for the tool.
    • A report on a joint call between the Working Group and the National Treatment and Coordination (E) Working Group to address the potential for company licensing and rate and form units to collaborate in the event of corporate changes to ensure a smooth transition for insurers.
  • Adopted the report of the National Standards Working Group, which will address progress made on annuity longevity, group term life, long-term care and disability insurance standards. In addition, work was completed on standards for Filing Rate Increases in Individual Long-Term Care Insurance Premium Rate Schedule and a number of disability income products.
  • Received a report from the IIPRC, which plans to report growth in filings and industry filers, as well as new officers and an update on outreach efforts.
  • Received a report on SERFF and speed-to-market activity. This report included an update on speed-to-market implementation success, whereby only 6 states have outstanding implementation initiatives. It was also noted that the states should be congratulated on their short turnaround when implementing new product codes for the upcoming Medicare supplement plans effective in mid-2010. Nearly all jurisdictions have completed implementation.
  • Received a report from the SERFF Board, which included adoption of the 2010 proposed SERFF budget, hearing comments on the use of SERFF to access filings by the public and receiving standard operational reports.

The Speed to Market (EX) Task Force met via conference call April 12, 2009, and June 13 in Minneapolis.

During the April 12 conference call, the Task Force:

  • Received the Personal Lines Regulatory Framework Whitepaper as recommended by the Personal Lines Regulatory Framework Working Group.
  • Adopted a motion to move Models 775 and 780 from model status to guideline status.
  • Adopted a motion to move a 2000 draft model on rate regulation to guideline status. This recommendation will be referred to the Property and Casualty (C) Committee for further review and action.

During the June 13 meeting the Task Force:

  • Adopted a motion to proceed with drafting standards for product requirements and delay technical implementation of a new Product Requirements Locator tool within SERFF until after the standards are drafted.
  • Adopted proposed changes to the Uniform Product Coding Matrix related to Medicare Supplement lines. These changes were derived from new federal requirements.
  • Adopted a report of the Operational Efficiencies Working Group covering all working group activity.
  • Adopted a report of the National Standards Working Group regarding standards development progress and standards exposure.
  • Adopted a motion to discharge the Personal Lines Regulatory Framework Working Group.
  • Adopted the minutes of the Task Force’s April 12 conference call.
  • Heard a report of the Interstate Insurance Product Regulation Commission (IIPRC) regarding new member states, filing growth and product standard development.
  • Heard a report on SERFF and Speed to Market activity addressing SERFF releases, system changes and enhancements.
  • Heard a report from the SERFF Board of Directors.

Action Items:

  • Adopted proposal from the Operational Efficiencies Working Group to focus on developing product requirement standards and delay technical development within SERFF.
  • Adopted proposal from the Operational Efficiencies Working Group to make changes to the Uniform Product Coding Matrices due to federal law changes for Medicare Supplement products.
  • Adopted a motion to discharge the Personal Lines Regulatory Framework Working Group, as the group has completed its charges.
  • Adopted the reports of the Operational Efficiencies Working Group and National Standards Working Group.
  • Adopted minutes of the April 12 Speed to Market (EX) Task Force conference call.
 

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