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NAIC Approves Three 2021 Fiscals and Releases One 2021 Fiscal for Public Comment
WASHINGTON (April 14, 2021) - The National Association of Insurance Commissioners (NAIC) announced today three Fiscal Impact Statements related to the 2021 budget were approved by the NAIC Internal Administration (EX1) Subcommittee and the NAIC Executive (EX) Committee during a joint meeting held on April 7, 2021.
The approved fiscals are:
- P/C Rate Model Review Staffing Resources – the addition of an Actuarial Analyst and a P/C Rate Modeling Actuary will enable the NAIC to meet state insurance department demand for rate filing model technical reviews.
- SBS State Implementations – consulting will be utilized to augment staffing capacity to complete the implementations of SBS for two states in 2021 and begin the implementation work required for two others.
- SERFF Modernization – Mobilization and Pilot Phase – a consulting firm will be engaged for the initial phase of a multi-phased initiative to modernize the NAIC’s electronic rate and form filing platform known as SERFF (System for Electronic Rate and Form Filing). The modernization initiative will use an iterative process to replace the current platform with document management, document workflow, and artificial intelligence tools and other technical innovations, thereby improving operational efficiency and regulatory consistency, reducing product complexity, and providing more features and functionality for all users.
The NAIC also announced it has released for a two-week public comment period a proposed fiscal for the Solvency Workpaper Software Modernization Project, which would cover the project’s implementation preparation phase. The fiscal addresses the need to upgrade the current solvency workpaper platform, which will be at end of life by year-end 2023. The system is a critical component to solvency regulation and requires attention in 2021 to ensure a continuation of services with minimal disruption. This phase of the project will develop regulatory use cases, prepare test environments for regulators to review and evaluate performance, and take all other necessary steps to ensure a successful deployment into a production environment by the end of 2022.
A complete copy of the fiscal can be found on the landing page of the NAIC website or by clicking here. Written comments or questions should be addressed to the NAIC and forwarded to the attention of Jim Woody, email@example.com, no later than Apr. 30, 2021.
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.