NEW YORK, October 15, 1998 — A new service from Insurance Services Office, Inc. (ISO) will simplify regulatory filing for property/casualty insurers.
With its new offering, Customized Filing Authorization Service, ISO will file deferrals on behalf of companies seeking regulatory approval to extend or change effective dates for loss costs, rules and forms from ISO's standard effective date.
Currently, ISO submits filings with state insurance regulators on behalf of insurers with a single effective date for the filing. Insurers who choose not to adopt the filing or wish to adopt it on a different date must prepare a separate additional filing with regulators.
"Customized Filing Authorization Service complements ISO's standard filing authorization service and delivers real value," said James Buck, principal of ISO's actuarial consulting service.
"ISO's new service improves regulatory compliance with state rules and regulations and manages filings more efficiently and on time. More important,our service reduces insurers' filing-related administrative tasks, leaving insurers more time to focus on business," he added.
ISO submits more than 3,000 filings a year with insurance regulators for prospective loss costs, rules and forms, both on a state-specific and multistate basis, on behalf of insurers. Insurers who do not adopt ISO's filing, or choose a different effective date, file the change directly with state insurance departments.
Under the new program, ISO would compile changes in filings that are authorized by insurers on a state-specific, filing-by-filing, or multistate basis, modify effective filing-adoption dates and submit deferrals as a supplement to standard ISO filings with state insurance regulators.