NOTICES
Terrorism Risk Insurance Program Reauthorization Act of 2015; Expedited Rate, Rule and Form Filing Review Process; Notice 2015-01
[45 Pa.B. 630]
[Saturday, January 31, 2015]On January 15, 2015, the Insurance Department (Department) released Notice 2015-01 providing for an expedited review process for filings submitted as a result of the Terrorism Risk Insurance Program Reauthorization Act of 2015 (act) (Pub. L. No. 114-1). Attached to the notice are expedited filing transmittal documents for insurers and rating organizations to use to certify that their filings comply with the provisions of the act, the laws of the Commonwealth and the requirements of the notice.
Notice 2015-01 and its attachments are available on the Department's web site at www.insurance.pa.gov, click on ''Services for Insurance Companies'' then ''Department Notices.''
The following is the text of Notice 2015-01:
January 15, 2015 INSURANCE DEPARTMENT NOTICE NO. 2015-01 Subject: The Terrorism Risk Insurance Program Reauthorization Act of 2015 Expedited Rate, Rule and Form Filing Review Process
To: All Insurers Writing Property and Casualty Commercial Lines Insurance Policies in Pennsylvania and Rating Organizations Authorized to File on Their Behalf
From: Mark Lersch, Property and Casualty Bureau Director, Office of Insurance Product Regulation
On January 12, 2015 the Terrorism Risk Insurance Program Reauthorization Act of 2015 (''the Act'') was signed into law. The Act extends the expiration date of the Terrorism Risk Insurance Program (''TRIP'') to December 31, 2020 and amends a number of provisions in the program.
Given that the provisions of the Act are already in effect and that insurers and rating organizations must accelerate filing activity in order to achieve compliance with the revised TRIP provisions, the Commonwealth will permit insurers and rating organizations to place new rates, rules and forms in place without waiting for the Insurance Department's formal disposition (e.g. ''approve'' or ''file & use'') of the filings and without waiting for the tolling of the filings' statutory waiting periods.
If an insurer or rating organization wishes to take advantage of this voluntary speed to market initiative for revised terrorism insurance products, it should complete one of the attached Expedited Filing Transmittal Docu-ments and certify on the document that the filing is in compliance with the terms of the Act, the laws of the Commonwealth and the requirements of this notice.
Filings submitted with the certification will be assumed approved upon receipt and will be dispositioned by the Insurance Department as ''Filed''. Effective dates retroactive to January 1, 2015 will be permitted. Rate filings should include the information upon which the insurer or rating organization supports its rates but other supplementary exhibits will not be required.
Insurers and rating organizations are encouraged to use SERFF for their terrorism filings and include the phrase ''TRIA2015'' in the product name field. In order to reduce the number of filings, ''interline'' filings should be submitted when feasible.
Note that form filings must continue to be submitted separately from rate and rule filings, but rates and rules may be submitted together in one filing.
This expedited filing review process will remain in effect until April 1, 2015.
Questions regarding this notice may be directed to Michael McKenney, Property and Casualty Actuarial Supervisor at (717) 705-0166 or via email at mmckenney@pa.gov.
RANDOLPH ROHRBAUGH,
Executive Deputy Insurance Commissioner
[Pa.B. Doc. No. 15-175. Filed for public inspection January 30, 2015, 9:00 a.m.]
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