Ohio to Require Electronic Funds Transfer for Insurance Product Filings

Beginning Jan. 1, 2011, the Ohio Department of Insurance will require fees for rate, rule and form filings be filed via the System for Electronic Rate and Form Filings (SERFF) Electronic Funds Transfer (EFT), Ohio Department of Insurance Director Mary Jo Hudson announced. Currently, the department invoices in arrears on a quarterly basis.

Filing entities are strongly encouraged to make arrangements with SERFF as soon as possible in order to be compliant on or before the Jan. 1 deadline, the DOI advised.

Also, non-rate, rule and form filings that do not have a filing fee associated with them, such as life illustrations and Rx ID Card Annual Certifications, will no longer be accepted via SERFF. Starting Jan. 1 these must be submitted in hard copy by U.S. Mail or a courier.