April 25, 2014
Missouri Department of Insurance ramps up online tools for industry to cut regulatory costs
Creates online reporting for title insurers and electronic fund transfers for filing fees from all insurers
Jefferson City, Mo. - The Missouri Department of Insurance announced today it has created online reporting to allow title insurers to electronically submit regulatory reporting. Title insurers may now submit their T-6A and T-6B forms online. The T-6A form is the "Missouri Title Insurer's Onsite Review Report"; the T-6B form is the "Missouri Title Insurer's Onsite Review Sampling Methods Report." Additionally, on May 1 the department will begin accepting electronic funds transfer (EFT) from all insurance companies for fees associated with filings submitted via the System for Electronic Rate and Form Filings (SERFF).
"As a department, we continue to modernize insurance regulation," said John M. Huff, director of the department. "By utilizing electronic filings and EFT payments, we are leveraging technology to cut regulatory costs."
Previously, the department manually entered data submitted by insurers on their T-6A and T-6B forms. By moving to an electronic reporting format, the department will be able to eliminate the extra step and process the forms quicker, creating efficiencies for both industry and state government. Online reporting will also improve data integrity.
All insurance companies doing business in Missouri are encouraged to utilize SERFF when submitting rate, rule or form filings and to utilize the new EFT payment option. The department now manually invoices insurance companies on a monthly basis for fees associated with rate, rule, form and other required filings. The utilization of SERFF and EFT for the payment of filing fees will result in a faster filing review process and provide administrative cost savings for the industry.
Insurance companies and filing entities may sign up for EFT by contacting the SERFF marketing team at 816-783-8787 or via email at email@example.com. Additional information regarding the EFT process can be found on SERFF's website at http://www.serff.com/eft.htm. Online reporting instructions for the industry can be found at http://insurance.mo.gov/industry/forms/.
About the Missouri Department of Insurance, Financial Institutions & Professional Registration
The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is responsible for consumer protection through the regulation of financial industries and professionals. The department's seven divisions work to enforce state regulations both efficiently and effectively while encouraging a competitive environment for industries and professions to ensure consumers have access to quality products.