Fisher: New Filing Good For Oklahoma
By E.E. Mazier
NU Online News Service, Aug. 5, 12:15 p.m. EST?Oklahoma Insurance Commissioner Carroll Fisher said his initiative to speed up the introduction of new insurance products will bring the state "one step further into the new century."
Order 02-0765-PRJ, signed by Mr. Fisher late last week, establishes a file-and-use system that allows most commercial property and casualty insurers to start using a policy form only 30 days after filing it with the insurance department.
Mr. Fisher told National Underwriter that the order is a way to modernize the business of insurance in Oklahoma.
He also thinks the file-and-use system benefits both insurers and consumers by encouraging innovation and increasing competition.
Mr. Fisher stressed that his department will still review the forms presented to it. "If there are specific questions or concerns, we can then ask the particular insurer about it," he said.
He noted that one recurring problem in the past was that insurers filed blanket forms without regard to local requirements. But under Order 02-0765-PRJ, with each form filed, insurers must certify that they have reviewed their own forms and that they comply with local mandates, Mr. Fisher stated.
Mr. Fisher added that his aim and that of the department has been to create a "friendly environment" that makes insurance more efficient and responsive to the needs of both consumers and insurers.
The new order, he said, facilitates the development of tailor-made policies that fulfill those needs.
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