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© 2008 National Association of Insurance Commissioners SERFF Marketing 816.783.8787 The Check Is Not In The Mail.

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Presentation on theme: "© 2008 National Association of Insurance Commissioners SERFF Marketing 816.783.8787 The Check Is Not In The Mail."— Presentation transcript:

1 © 2008 National Association of Insurance Commissioners SERFF Marketing The Check Is Not In The Mail

2 © 2008 National Association of Insurance Commissioners W hat is EFT? Electronic Funds TransferElectronic Funds Transfer Encompasses several technologiesEncompasses several technologies Provides for electronic payments and collectionsProvides for electronic payments and collections

3 © 2008 National Association of Insurance Commissioners Overview of ACH Process ACH/CTX Central database of EFT transactionsCentral database of EFT transactions Daily batchDaily batch Company to NAIC (pull), NAIC to State (push)Company to NAIC (pull), NAIC to State (push)

4 © 2008 National Association of Insurance Commissioners Filing created and fee information completed Filing created and fee information completed Daily batch sent to bank The ACH Process SERFF shows EFT transaction successful Simultaneous Industry debit and State credit Filing submitted; EFT data transmitted EFT Report available in SERFF Transactions appear on bank statement after bank processes are complete State/Industry Treasury & Accounting Depts can reconcile bank statement SERFF Server CECI Server EFT data saved in CTX file

5 © 2008 National Association of Insurance Commissioners The EFT Process in SERFF Filing created and fee information completed Filing created and fee information completed SERFF Confirms Filing & EFT Transaction Successful Filing Submitted; EFT Data Transmitted Funds go through the banking process State/Industry Treasury & Accounting Depts can reconcile bank statement and notify rate/form administration SERFF Server Review process begins Rate/form administration can notify reviewers/filers that funds were rec’d State receives filing in SERFF SERFF provides EFT Report

6 © 2008 National Association of Insurance Commissioners The filing will be eligible for EFT only if both the insurance company and the State has enabled EFT.

7 © 2008 National Association of Insurance Commissioners The filing will not be eligible for EFT if a company or state is not enabled for EFT.

8 © 2008 National Association of Insurance Commissioners Submitted EFT filings will include the Date and Time Processed and Transaction Number.

9 © 2008 National Association of Insurance Commissioners EFT Report Link

10 © 2008 National Association of Insurance Commissioners EFT Reports Report Menu

11 © 2008 National Association of Insurance Commissioners Detail Report

12 © 2008 National Association of Insurance Commissioners Summary Report

13 © 2008 National Association of Insurance Commissioners EFT Today Released December 13, 2002Released December 13, 2002 Over 90,000 EFT filings processedOver 90,000 EFT filings processed 22 out of 31 states that charge fees have implemented full EFT capabilities22 out of 31 states that charge fees have implemented full EFT capabilities Over 1800 companies are using EFTOver 1800 companies are using EFT

14 © 2008 National Association of Insurance Commissioners State EFT Users AlabamaAlaskaArkansasConnecticutDelawareGeorgia Tennessee Vermont West Virginia South Dakota North Dakota OklahomaPennsylvania New Hampshire Iowa Rhode Island Louisiana Maine Maryland Minnesota Nebraska Nevada Kentucky

15 © 2008 National Association of Insurance Commissioners Industry EFT Users Third Party Filers Rating/Advisory Organizations Groups of Companies Single Companies

16 © 2008 National Association of Insurance Commissioners EFT Implementation Process Paperwork Internal Procedures Testing EFT Enabled

17 © 2008 National Association of Insurance Commissioners Overcoming Barriers Not enough companies are using EFT. We don’t have the resources. Is there a fee to use EFT? Cannot allow bank account credits. Our state cannot track funds for each state office.

18 © 2008 National Association of Insurance Commissioners SERFF Marketing Questions? or Comments?


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