Part of the NAIC's State Ahead initiative includes optimizing existing processes for the benefit of our members, staff, and other stakeholders. One such effort includes the SERFF modernization initiative. The NAIC's Executive Committee recently approved a fiscal commencing the initial transition phase of the SERFF Modernization project, following a 10-day public comment period.
The modernization project will ultimately replace the current SERFF platform and enable the NAIC to enhance, among others, the areas of document management, document workflow, and text processing to improve searching and reporting on SERFF filings resulting in increased operational efficiency and regulatory consistency. The filing fees will enable development of the new system over the next three years, plus ongoing maintenance, and support costs. The membership approved an adjustment to the SERFF transaction fee, which will be used to fund the project.
Another effort of the NAIC's State Ahead initiative to optimize existing processes is to enhance the current procedures surrounding SERFF billing and transaction fees. With input from NAIC staff, state regulators, and industry users, a proposal was approved through the 2024 Annual Budget which will allow for a transaction fee increase in SERFF.
Effective January 1st, 2024, the SERFF transaction fee will now be $18.68 per transaction.
While SERFF does not have a licensing fee, there is a per-filing transaction fee. Paying for SERFF transactions is quick and easy! Transaction fees can now be paid via Electronic Funds Transfer or via credit card at the time of submission.
To set up EFT on your SERFF account, you will need the Bank Account Manager role. Your instance's User Admin can request this role for you in their Settings tab after logging into the SERFF system. Instructions for adding EFT are located here: https://www.serff.com/documents/serff_banking.pdf
To review the complete SERFF Modernization Fiscal, please click here: https://content.naic.org/sites/default/files/fiscal-2022-serff-modernization-transition-stages.pdf
Please feel free to contact the SERFF Marketing Team at 816.783.8787 or serffmktg@naic.org with any concerns.
