Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 38 - (2008-2) Filing Option to Expedite Form and Rate Review for All Life, Credit Life, Annuity, and Accident and Health Contracts › Rule 19-1-38.04 - Expedited Review Filing Procedure

Current through June 25, 2024
All companies licensed to write life, credit life, annuity,
				  and accident and health contracts in Mississippi have the option of electing
				  the following procedure for the review and approval of each form and/or rate
				  submitted:
A.
Form
				Filings
.
All companies will continue to make their form and rate
				  filings with the Mississippi Department of Insurance.
B.
Election of Expedited Review
				Filing
.
At the time of filing, a company may elect to use the
				  expedited filing procedure by completing the Expedited Review Filing Election
				  Form, attached hereto as Exhibit "A".
Companies that elect to use the expedited filing procedure
				  shall continue to send the form and rate filing to the Department. The
				  Department will forward the form and rate filing to the actuary.
Companies shall not send their form and rate filings to the
				  actuary.
C.
Expedited Review Filing Fees
.
If a company elects this option, they shall include payment
				  for each form and/or rate per the actuarial fee schedule (see subparagraph D.
				  below), any applicable statutory fees and written notification that they are
				  electing the expedited approval process.
D.
Actuarial Fee
				Schedule.
The actuarial fees will be represented in a fee schedule,
				  prepared and agreed upon by the actuary, itemizing a flat fee for each type of
				  form or rate. Said fee schedule will be subject to semi-annual review and
				  revision. Each company will be provided with a copy of said fee schedule and
				  therefore will be deemed informed of the flat fee assigned to each type of form
				  or rate. The flat fee assigned to each form or rate applies to its
				  corresponding form or rate only, and is not affected by the actual number of
				  filings made. Please note that the fees represented in the fee schedule reflect
				  the initial review only. Follow-up filings requiring substantial in-depth
				  review or numerous revisions will require an additional fee equal to 50% of the
				  initial filing fee in order to maintain review of the filing on the expedited
				  track. Prompt revisions by the filer in response to basic objections will avoid
				  the necessity of this additional fee. The Mississippi Department of Insurance
				  shall determine what filings necessitate this additional fee. The initial fee
				  schedule is attached hereto as Exhibit "B".
E.
Payment of Fees
.
If a company elects to use the expedited filing procedure,
				  the following payments shall be made in the expressed manner:
1.
Statutory Fee
				Payment:
All applicable statutory fees shall be paid to the
				Mississippi Department of Insurance by check made payable to the Department,
				and said check shall be included with each request for expedited review along
				with the original Expedited Review Filing Election Form.
2.
Actuarial Fee
				Payment
: The actuarial fee for the applicable expedited review fee
				for each form and/or rate submitted and shall be paid by check made payable to
				Actuarial Resources Corporation of Georgia and submitted to Actuarial Resources
				Corporation, 2753 State Road 580, Suite 101, Clear water, FL 33761, along with
				a copy of the Expedited Review Filing Election Form.
Actuarial fees
				shall not be submitted to the Mississippi Department of
				Insurance
.