NY Releases Insurance Filings Modernization Initiative Final Report

Yesterday, December 2, 2010, the NYSID issued the Final Report of the Insurance Filings Modernization Initiative. The press release accompanying the report indicates that the Department is actively implementing the recommendations that are set out in the report. An update on progress is promised in six months. As a member of the working group that participated in the initiative, it is rewarding to know that the work has resulted in some concrete changes to processes.

The report has nine universal recommendations. These reflect the common areas that were identified after the committees completed their work in specific areas of Department jurisdiction. The nine universal recommendations are paraphrased here:

1) Overhaul and improve the Department website to improve its usefulness for those making filings with the NYSID;

2) Update the existing product outlines and develop new ones to improve regulated entity understanding of the applicable rules;

3) Increase the use of new and updated checklists;

4) Develop and implement a comprehensive triage system for filings;

5) Expand the use of SERFF;

6) Encourage pre-filing meetings with Department personnel, especially on significant or complex issues;

7) Provide meaningful feedback to company management about filing issues;

8) Conduct supervisory symposia between Department and company personnel to discuss and learn about significant filing requirements and issues; and

9) Make all feasible efforts to maintain adequate funding for the Department’s regulatory functions, with appropriate technology and personnel.

As you can see from the full report, a lot of hard work was put into this initiative. I can tell you from my participation in the Life Committee there was a lot of very good discussion of issues that aren’t often discussed in such depth. I thank the Department for the opportunity to participate.