NEW RATE and/or FORM
The Indiana Department of Insurance (IDOI) requests data/information for the following two requirements as part of the rate review process for new rates and/or forms filed: Implementation Date and Actuarial Memorandum.
Data for requirement I is entered into a SERFF field.
I. IMPLEMENTATION DATE
- Enter the date requested for the filing to be implemented.
- Date must be a minimum of 60+ days from the submission date.
- Date entered may not be the date the filing officially becomes effective.
- IDOI will determine the definitive effective date.
- If “Upon Approval” is chosen, the filing will not be closed until this field is revised with an actual date.
- If date changes during the review process, the following action is needed:
- Update SERFF field before the filing is completed and closed.
- SERFF field can be revised during a “Post Submission Update” at the time a response is provided for the objection.
II. ACTUARIAL MEMORANDUM
Provide the data listed below in the actuarial memorandum as an attachment under the Supporting Documentation tab in SERFF.
- Benefit Structure
- Provide sufficient detail for an analysis of the pricing according to Indiana Credit Insurance Regulations.
- Proposed Rates
- Include a complete set of proposed rates.
- Include the following items and any other guidelines that impact policyholder’s premium payment:
- Modal Factors
- Geographic Factors
- Additional Fees
- Include the following data and a detailed description of the basis for the assumptions used in pricing:
- Rate Comparison
- Provide sufficient detail on the benefit structure to allow analysis of the pricing from first principles.
- Provide a comparison of rates to the Indiana prima facie rates.
- Include an explanation of any deviation of these rates.
- Provide a complete listing of all credit deviations in force in Indiana.
- Provide confirmation that details of those deviated rates have been emailed to Mr. George Hicks of the Indiana Department of Financial Institutions at firstname.lastname@example.org.
- Request that the department of Financial Institutions notify the Department by email email@example.com
- Compliance Attestation
- a. Provide a clear statement of complete compliance with the Indiana credit regulation, including but not limited to the section on refunds.
Rate Filing Submittal Guidelines
The following provides additional information to properly submit rate filings:
- Unless filing approved, do not implement a rate increase as related to manual rates.
- File proper TOI and Sub-TOI for rate request.