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Indiana Department of Insurance

IDOI > Company Compliance > Accident & Health  > Product Filing Information/Instructions  > 4.4 INDIVIUAL and GROUP RATE REQUIREMENTS for MEDICARE SUPPLEMENT 4.4 INDIVIUAL and GROUP RATE REQUIREMENTS for MEDICARE SUPPLEMENT

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 SERFF fields.

I. IMPLEMENTATION DATE

  1. Enter the date requested for the filing to be implemented.
    1. Date must be a minimum of 60+ days from the submission date.
    2. Date entered may not be the date the filing officially becomes effective.
      1. IDOI will determine the definitive effective date.
      2. If “Upon Approval” is chosen, the filing will not be closed until this field is revised with an actual date.
    3. If date changes during the review process, the following action is needed:
      1. Update SERFF field before the filing is completed and closed.
        1. 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.

  1. Benefit Structure
    1. Provide sufficient detail for an analysis of the pricing.
    2. Disclose the commission structure by duration as a percent of premium for each commission schedule to be used.
  2. Proposed Rates
    1. Include a complete set of proposed rates.
    2. Include the following items and any other guidelines that impact policyholder’s premium payment:
      1. Modal Factors
      2. Geographic Factors
      3. Additional Fees
  3. Assumptions
    1. Include the following data and a detailed description of the basis for the assumptions used in pricing: (Follow the guidelines from Actuarial Standards of Practice (ASOP) No. 8.) http://www.actuarialstandardsboard.org/pdf/asops/asop008_129.pdf
      1. Anticipated Loss Ratios
        1. Provide the anticipated lifetime and durational loss ratios, as initially filed with the Department, when the forms were approved.
          1. These should be the anticipated loss ratios, not the minimum standards.
  4. Premium Guarantee Provision
    1. Provide a detailed description of the premium rate guarantee provision.
  5. Rating Factors
    1. Identify from the following which rate structure or any other is used for this product:
      1. Attained age
      2. Issue age
      3. Community rated

Attestations

  1. Actuarial Certification/Rate Attestation
    1. Provide an actuarial certification with a clear statement attesting to the following:
      1. Compliance with all applicable state and federal statutes and regulations.
      2. Compliance with actuarial standards of practice (ASOP).

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.