News

This week we focus on the payment of the filing fees, for both the state and Compact.

SERFF will now automatically calculate some of the state filing fees. In order to do this, forms being filed need to be attached to the filing for the fee determination to run. SERFF can assess the types of forms submitted. The filer should not override or submit fees until after all forms are attached and auto-calculated fees have been presented to the filer for review.

Another tip for easier payment of the filing fees is related to submitting additional fees after the initial payment has been made. Filers will amend the filing and select the states they need to remit additional fees for. Filers will select to create an Amendment, then select “Filing Fees” and then be able to enter the applicable filing fee for either the state or the Compact. This is important to note if you have elected to utilize the Compact’s Advance Filing Fee Service.

As in legacy, please make sure you review your daily limits when making payments through SERFF. The Compact fee transactions go against daily totals for each company in SERFF. If the daily limits are not inclusive of the Compact transactions, there may be an issue with the EFT transmission. Fees are automatically submitted to the states at the time of submission, so if the company's financial institution blocks a transaction because it exceeds the daily limit, review of your filing is delayed while the Compact Office is engaged in recovering the full amount due. 

If you have any questions, please reach out to the Compact Office via comments@insurancecompact.org.