NAIC Offers Online Product Requirements Locator
NU Online News Service, March 12, 10:35 a.m. EST?Atlanta?The National Association of Insurance Commissioners said it has developed a searchable database that will provide insurers quick access to summarized product content requirements for rates, rules and forms on a national basis.
The announcement was made during the Kansas City, Mo.-based association's Improvements to State-Based Systems Working Group meeting held at the association's spring national meeting here in Atlanta.
The online database, called "Product Requirements Locator," allows filers to obtain current state-by-state filing requirements from a search engine on the NAIC's Web site, according to the Improvements to State-Based Systems Working Group.
"We can now provide a one-stop, national information source for product filings," said Larry Mirel, insurance commissioner for Washington, D.C. and co-chairperson of the Working Group.
The database's property-casualty category is currently functional and includes filing requirements from several states, with more than 20 other states expected to join the list shortly.
"We have received tremendous feedback from insurance industry representatives that have used the Product Locator," said Peg Ising, assistant director of the property and casualty division at the Ohio Insurance Department. "The industry has enthusiastically expressed its view that this will be a very effective speed-to-market tool."
The Product Requirement Locator can be found on the NAIC's Web site at www.naic.org. Click on "Industry," then "Rates & Forms Filings."
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