14-04 – Availability of electronic funds transfer (EFT) for filing submissions, April 25, 2014

INSURANCE BULLETIN 14-04 Availability of electronic funds transfer (EFT) for filing submissions Issued April 25, 2014

To: All insurance companies and other entities submitting life and health or property and casualty filings

From: John M. Huff, Director Re: Availability of electronic funds transfer (EFT) for filing submissions

The Missouri DIFP currently invoices in arrears, on a monthly basis, for fees associated with rate, rule, form and other required filings submitted to the Division of Market Regulation. Effective May 1, 2014, the DIFP will accept electronic funds transfer (EFT) for fees associated with filings submitted via the System for Electronic Rate and Form Filings (SERFF) in lieu of monthly invoicing. All companies and filing entities are strongly encouraged to utilize SERFF when submitting filings to the DIFP and, in particular, to take advantage of this new EFT payment option. The utilization of SERFF and EFT for the payment of filing fees in other states has resulted in a more efficient filing review process and has provided a significant administrative cost savings for the industry. Insurance companies and filing entities planning to utilize the new EFT payment method should make arrangements as soon as possible to take advantage of this new functionality. The DIFP also encourages insurers who use authorized filers who make filings on their behalf to notify those entities so they can make the necessary arrangements. Insurance companies and filing entities may sign up for EFT by contacting the SERFF Marketing Team at 816-783-8787 or via email. Additional information regarding the SERFF EFT process can be found on SERFF’s website. Please contact the Market Regulation Filings section at 573-751-3365 for all other filing questions.