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P&C Product Review Discusses Top Filing Mistakes

P&C Product Review Discusses Top Filing Mistakes

The Florida Office of Insurance Regulation’s property and casualty product review section discussed the most common filing mistakes at the OIR’s recent business development conference.  The current backlog of property and casualty form filings is a concern of both the OIR and the industry, and the OIR hopes that identifying common filing mistakes can play a small role in facilitating more efficient filing reviews.  Several of the filing concerns are simply failures to follow statutory mandates.  Although not an exhaustive list, the OIR mentioned the following:

  • Failure to prominently display the name of the insurer (for example, using group or trade names)
  • Having incorrect internal cross-references within forms (a provision cites to a paragraph that either does not exist or is incorrect)
  • References to cancellation or nonrenewal reasons or time periods that do not conform to Florida law
  • Submitting a filing in the incorrect line of business in the i-file system
  • Believing that no filings are necessary due to approved ISO submissions when the insurer does not have such a membership with ISO
  • Referring to a statute within a form rather than setting forth the actual provision
  • Failure to follow font size requirements or to include mandated provisions verbatim

The OIR acknowledged that the forms process has been backed up, and they are dedicated to alleviating the delays.  At time same time, the OIR is hopeful that it can help insurers eliminate some of the ministerial problems that can unnecessarily slow down the filing process.