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These forms, etc. have been exempt from filing since 1997? Why the change? |
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OFIR Commissioner Ken Ross has concluded this review is necessary in order to protect the welfare of Michigan citizens. |
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What types of forms are required to be filed? |
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All personal lines of insurance – including, but not limited to, life, health and annuities. |
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Are group policies required to be filed? |
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Yes. All group policies, such as those sold to an employer, which are purchased for the personal, family, or household purposes of the covered individuals are required to be filed. |
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Are group rates required to be filed? |
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Group rates for life and health coverage do not need to be filed. However, group rates for personal lines property and casualty coverage must be filed.
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Are policies sold to exempt commercial policyholders affected by this change? |
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No. The exemption contained in MCL 500.2236(8)(e), which applies to policies sold to exempt commercial policyholders, is unaffected by the Commissioner’s Order. |
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What is the timeline/deadline for submitting these forms? |
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All new filings must be submitted to OFIR through SERFF as of August 1, 2010. |
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Do existing forms currently in use have to be filed with OFIR as of August 1st? |
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No. Existing policy forms currently in use do not need to be submitted to OFIR at this time. OFIR will be requesting these forms at a later date |
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Can an insurer continue to use forms currently in use? |
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Any forms previously exempt from filing and are currently being marketed/sold in Michigan can continue to be used.
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If an existing policy form is amended, is it required to be submitted to OFIR as of August 1st? |
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Yes. Amended filings are considered new filings, which will be required to be submitted to OFIR as of August 1st. |
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How long does OFIR anticipate it will take staff to complete its review of each filing? |
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OFIR is allowed 30 days from the date of submission to review all policy forms. The only exception to the 30-day timeframe is advertising, which OFIR is allowed 45 days. If the filing is not reviewed within these statutory timeframes, the filing will be deemed approved. |
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The answers provided are not meant to be a substitute for legal advice. |
