The National Association of Insurance Commissioners (NAIC) is launching a project that could lead to big changes to a major database of insurance rates and forms.
The NAIC will commission an external review of its Electronic Rates and Forms Filing System (SERFF).
Insurers can use SERFF to file documents with insurance regulators in 47 states. The Interstate Insurance Product Regulation Commission, which supports records from 45 states, also uses SERFF.
(Related: SERFF Board Should Make Insurance Rate Filings Public, Lawyers Say)
Members of the public – including agents and brokers – can use SERFF’s free public portals on many state insurance department websites and on the Interstate Compact website to read portions of the reports. documents filed. Producers can, for example, use the SERFF system to read deposits for new indexed annuities, new whole life policies, and new short-term health insurance policies.
The system now processes about 550,000 deposit transactions per year, according to the NAIC.
The NAIC is considering soliciting offers of assistance with the evaluation of the SERFF system.
“The NAIC is looking for a company to provide a detailed analysis of the technical capabilities of SERFF in conjunction with the business needs of the association and its members,” officials said. “Qualified companies must have demonstrated experience in software evaluations. “
The official request for proposals could be posted on the NAIC website on Friday, officials said.
A link to the NAIC SERFF Assessment Announcement is available here.
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