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
- 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.
- Disclose the commission structure by duration as a percent of premium for each commission schedule to be used.
- 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: (Follow the guidelines from Actuarial Standards of Practice (ASOP) No. 8.) http://www.actuarialstandardsboard.org/pdf/asops/asop008_129.pdf
- Anticipated Loss Ratios
- Provide the anticipated lifetime and durational loss ratios, as initially filed with the Department, when the forms were approved.
- These should be the anticipated loss ratios, not the minimum standards.
- Premium Guarantee Provision
- Provide a detailed description of the premium rate guarantee provision.
- Rating Factors
- Identify from the following which rate structure or any other is used for this product:
- Attained age
- Issue age
- Community rated
- Actuarial Certification/Rate Attestation
- Provide an actuarial certification with a clear statement attesting to the following:
- Compliance with all applicable state and federal statutes and regulations.
- 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.