Weekly Tip: Filing Fee Pointers

 

Weekly Tips

Filing Fee Pointers

7/07/2014

This week we have a few tips regarding the payment of the filing fees to pass along to you. 

If you are submitting a rider, amendment, endorsement, or an application through the Insurance Compact for review and approval and the policy or contract is not included in the filing, you will need to provide some specifics.  Rhode Island requires a fee of $25 per accompanying policy/contract per company for a rider, amendment, endorsement, or an application submitted without a policy/contract. Louisiana requires $100 per accompanying policy/contract per company for a rider, amendment, or endorsement submitted without a policy/contract.  It helps the Intake Coordinator proceed efficiently with the review of the filing fees if the applicable policies/contracts are identified for each company under the Filing Description or on the Statement of Intent, if applicable.  If this information is not easily found, then the Intake Coordinator has to stop the filing fee review and ask for additional information. 

Remember that if your company has daily limits established for the amount of filing fees that can be submitted through SERFF, it does have an impact of the fees for the Insurance Compact as well.  In other words, you have a cap at $10,000 per day for EFT transmissions to SERFF and you have an Insurance Compact submission that includes $5,000 in filing fees, you will have $5,000 remaining to transmit via EFT for the rest of the day. 

If you have been waiting until the July 1st prorating of the Annual Registration Fees to register a sister company for the first time, or you have a new client, make sure that the company has provided the Insurance Compact’s ACH information to the Finance Department so that the transmission of the funds via EFT transmit properly.  Contact the Insurance Compact office for this information.

For more information on the filing fees, please visit the Insurance Company Resources page for detailed information regarding both the Insurance Compact’s fees and the Member State Fees.  If you have any questions regarding this particular Weekly Tip or the Insurance Compact, please contact the Insurance Compact office.