January 28, 2016
Missouri Department of Insurance continues effort of efficiency through use of online technology
Insurers to use SERFF for all product filings and payments
Jefferson City, Mo. - The Missouri Department of Insurance is continuing its commitment to utilizing technology to cut regulatory costs. Beginning Jan. 30, the department will require insurers to submit all insurance product filings required by state law via the System for Electronic Rate and Form Filings (SERFF). Additionally, the department will require insurers to use SERFF Electronic Funds Transfer (EFT) for payments.
"The insurance industry has historically been at the forefront of technology," said Missouri Department of Insurance Director John M. Huff. "The utilization of SERFF for product filings and payments allows us to leverage technology to cut regulatory costs."
In 2015, the Division of Market Regulation reviewed more than 10,000 policy filings to ensure compliance with state law and that consumers are treated fairly in their insurance contracts.
Previously, the use of SERFF was optional. 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. The use of SERFF also enables the Department to provide the public the ability to view insurance company filings, through the SERFF Public Access feature.
Insurance companies and filing entities may sign up for EFT by contacting the SERFF marketing team at 816-783-8787 or via email at firstname.lastname@example.org. 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.