News

The Insurance Compact Office has received a few questions about changes made to the Filing Fee tab in SERFF for Compact submissions.

Effective January 21, 2021, the National Association of Insurance Commissioners (NAIC) changed the process for the payment of SERFF transaction fees – specifically the timing of the payment. The per transaction fee will now be collected at the time of submission as opposed to being billed in arrears. You may have noticed this change when you have made a filing submission. The new section is titled “Fee Type” and it will list all NAIC SERFF Transaction Fees which are applicable (draft) or charged (submitted) per state on the filing.

The questions we received are based on the transaction fee now appearing on the Filing Fee schedule for states that do not have filing fees. The only change is the transaction fee now being pre-populated on the Fee Schedule and collected upon submission. There is no change in Compact registration or filing fees, or the filing fee for any state.

More information may be found on SERFF’s website, specifically under SERFF Billing and Account Manager. Questions may be directed to the SERFF Marketing Team – serffmktg@naic.org. Questions about Compact submissions may be submitted to the Compact office.