Speed to Market for Insurance Product Filings
Insurers have a variety of options when filing their product forms with the Office of Insurance Regulation (OIR). Some options result in the ability of insurers to get their insurance products or changes to those products to market more quickly than others. In addition, having local counsel like the Radey Law Firm review filings for compliance, or having us submit the filings or respond to OIR questions about a filing, can result in a quicker and more successful result.
Options for Submitting Product Filings
Many insurers submit their property and casualty or life and health filings pursuant to statutory provisions that require prior regulatory approval. There are statutory time frames by which those filings should be approved. However, often a variety of factors create delays, cause filings to be withdrawn or face disapproval requiring the resubmission of filings. This delay means products or changes to products cannot be provided to prospective or current policyholders. However, for certain lines of business, there is a more efficient way for insurers to get new or revised products to market.
The Expedited Process for Certain Property & Casualty Products
In 2013, the legislature created a “certification” process in section 627.4102, Florida Statutes, that allows insurers and their consultants to review any property and casualty product filings (except for workers’ compensation and personal lines) for compliance with Florida laws and rules. After such review, the insurer can “certify” the product forms and submit them for “informational” purposes to OIR. That process allows OIR to receive the product form filings, confirm the filings contain the appropriate certification, and accept the filings so that insurers can begin using the product forms without needing to utilize the formal approval process. OIR generally accepts such certified filings in a matter of days instead of the usual lengthy prior approval process. This expedited process allows insurers to begin programming their policy systems and offering their products no later than 30 days from the date the filing is submitted to OIR.
Our Knowledge and Experience
Some insurers have not utilized the certification process or faced significant delays in obtaining regulatory approval for their insurance products. Others rely upon the Radey Law Firm and our knowledge and experience to review or file their products, or certify compliance in order to bring their products to market quickly. We are able to provide the analysis needed to submit or certify filings based on:
- Our knowledge of the express requirements of the Florida Insurance Code and rules promulgated by OIR;
- Our knowledge of OIR’s informal interpretation of applicable statutes and rules;
- Over 25 years of reviewing, submitting, and responding to OIR’s questions in connection with product form filings;
- Our review and analysis of approved, disapproved, and withdrawn filings at OIR and the clarification and disapproval letters from OIR going back more than 25 years; and
- Our review of thousands of product forms that have been certified pursuant to section 627.4102 as “in compliance with Florida laws and rules.”
In sum, the Radey Law Firm’s extensive knowledge and experience allows us to provide a variety of services and advice to insurers regardless of whether the insurer decides to seek prior approval of their product forms or the expedited “certification” process. These services include:
- Development of product forms for submission by insurers;
- Analysis of proposed or existing policy forms for compliance with existing or newly-enacted legislation;
- Filing of product forms with OIR on behalf of insurers;
- Responding to OIR clarification letters in pending filings submitted directly by insurers;
- Reviewing product forms for submission as “certified” filings pursuant to section 627.4102; and
- Formally or informally disputing adverse decisions by OIR regarding product filings.