OIR Encourages Use of Certifications for Commercial Filings
The Florida Office of Insurance Regulation continues to encourage insurers writing commercial property and casualty insurance to consider the forms certification process to help reduce the filing backlog. Over the last two years, the Florida legislature has reduced the rate filing requirements associated with certain types of commercial property and casualty insurance. Earlier this year the OIR entered an order allowing insurers writing these lines to submit forms informationally, and not for prior approval, as long as they certify that the forms comply with Florida law. Thus far, relatively few certification filing have been made– 36 through last week. However, the OIR is hopeful that insurers will acquaint themselves with the process and increasingly use it.
At last week’s filing conference, OIR product review officials mentioned the certification process several times as a way of reducing the filing backlog. The process will allow commercial insurers to get their forms to market more quickly while at the same time allowing the OIR to dedicate more resources to personal lines product reviews.
The certification process necessitates a careful review of the forms, and insurers using it are well-advised to establish procedures for the review and sign-offs on these forms. Nonetheless, with the filing process taking several months for some programs, this unique opportunity might be of value to some commercial insurers.