Speed to Market (EX) Task Force
Executive (EX) Committee

2009 CHARGES

Adopted by Jt. Executive (EX) Committee/Plenary March 17, 2009

The mission of the Speed to Market (EX) Task Force is to serve as the NAIC’s focal point for modernization of the insurance product filing and review processes. The Task Force will monitor the development and implementation of Speed to Market operational efficiencies and will support the development of national standards in conjunction with the Interstate Insurance Product Regulation Commission (IIPRC). The Speed to Market Task Force will also support IIPRC initiatives that require uniformity and policy changes within the states.

Ongoing Support of NAIC Programs, Products, or Services:

1. Appoint a National Standards Working Group to coordinate with/work jointly with the IIPRC’s Interstate Compact National Standards Working Group in accelerating the drafting of national standards for insurance products that are eligible for inclusion in the Interstate Insurance Product Regulation Commission with the emphasis on group life, individual annuity, group annuity, disability income and long-term care product standards. Report the results of this ongoing charge on a quarterly basis— Essential
2. Appoint an Operational Efficiencies Working Group to oversee the implementation and ongoing maintenance/enhancement of Speed to Market operational efficiencies that have been adopted. Report the results of this ongoing charge on a quarterly basis. Specifically, the Working Group will:
   1. Develop a Speed to Market Assessment tool that includes a nationwide summary and individual state summaries of Speed to Market Compliance. Report quarterly.
   2. Monitor, assist with, and report on state implementation of the Uniform Product Coding Matrices (PCM) so that a common insurance product naming process is used to facilitate state product filings and the collection of information pertaining to them. Achieve full implementation in all states by 12/31/09.
   3. Facilitate proposed changes to the PCM on an annual basis, including the review, approval, and notification of changes. Monitor, assist with, and report on state implementation of any PCM changes.
   4. Monitor, assist with, and report on state implementation of the Uniform Transmittal Document (UTD) as well as elimination of all state specific transmittal requirements, including any duplicative filing UTD requirement. Achieve full implementation in all states by 12/31/09.
   5. Facilitate proposed changes to the UTD on an annual basis, including the review, approval, and notification of changes. Collaborate with the System for Electronic Rate & Form Filing (SERFF) Board to ensure incorporation of UTD changes in SERFF.
   6. Monitor, assist with, and report on Electronic Funds Transfer (EFT) implementation for all states requiring fees upon filing submission. Achieve full implementation in all states by 12/31/09.
   7. Monitor, assist with, and report on the implementation of standard filing type descriptions in SERFF for all states. Achieve full implementation in all states by 12/31/09.
   8. Monitor, assist with, and report on the elimination of all paper filing requirements for filings submitted via SERFF. Achieve full implementation in all states by 12/31/09.
   9. Monitor, assist with, and report on the full and complete implementation of SERFF in all states. Achieve full implementation in all states by 12/31/09.
   10. In collaboration with the SERFF Board, use SERFF data to develop, refine, implement collect and distribute common filing metrics that provide a tool to measure the success of the Speed to Market modernization efforts with emphasis on data that monitors both state regulatory and insurer responsibilities for Speed to Market for insurance products and ensure full and complete communication of any change in filing requirements.
   11. By fall 2009, initiate work on the development of uniform rate and form terminology for dispositions, filing objections, filing statuses and deemer provisions designed to further advance Speed to Market for rate and form filing and review.
   12. Serve as the clearing house for input from the SERFF Board regarding the SERFF electronic filing Speed to Market tool— Essential
3. Appoint a Product Requirements Locators Subgroup of the Operational Efficiencies Working Group to provide oversight for the merging of the Review Standards Checklists and the Product Requirements Locators for life, health and property/casualty insurance coverages into a single renamed tool by the Fall National Meeting. Design work to be completed by June 2009— Essential
4. Appoint a Product Filing Review Handbook Subgroup to complete development of a Product Filing Review Handbook that contains all of the operational efficiency tools and describes best practices for state reviewers with regard to the review of insurance product filings. Adoption by the Winter National Meeting— Essential
5. Appoint a Personal Lines Framework Working Group to complete work on the Personal Lines Framework whitepaper by the Summer National Meeting— Essential
6. As desired by the IIPRC, encourage state participation in the IIPRC and receive quarterly reports of legislative activity for non-compacting states— Essential
7. As desired by the IIPRC, assist with marketing efforts promoting industry use of the IIPRC Speed to Market tool— Essential
8. As desired by the IIPRC, participate in dialogue with active supporters of the Compact, such as NCSL, NCOIL, state executive branch organizations, including National Governors Association and National Association of Attorneys General to provide background information and reasons in favor of all states joining the IIPRC— Essential