Introduction to E-Reg - E

Introduction to E-Reg
JAN SHEMANSKE
VICE PRESIDENT & SECRETARY
NAUTILUS INSURANCE GROUP
CRYSTAL BROWN
SR. INSURANCE REPORTING ANALYST – RBC
NAIC
Learning Objectives:
• Be able to distinguish between the three
application types.
• Understand the purpose of the Lines of
Business Matrix.
What do I hope to gain???
• This session is designed to allow you to ask
any and all questions!!!
• What do you want to take away from the EReg Conference?
Introduction
• CL110 is an Industry Only Session
• What can you expect from the E-Reg
conference
• Experience
• Questions/Sharing of Tips and Tricks
• Feedback
Sessions in the Company Licensing
Track
• Provide an introduction to the company licensing process
• Discuss how to complete a Plan of
Operation/Questionnaire
• Discuss the various state requirements
• Introduction to the Electronic Application
• A look inside the licensing review process.
• Corporate Amendments
• Licensing Other Business types
• Roundtable discussion
Experience
• How long have you been in your current position?
• What type of applications have you completed and
filed?
– Primary
– Expansion
– Corporate Amendment
• How did you complete and file the application?
– Hard Copy
– Electronically
• Has your company hired a consultant to complete and
file the UCAA application?
What is Company Licensing?
• What is the difference between the 3 main
applications
– The Primary Application
– The Expansion Application
– The Corporate Amendments Application
Application Process
• Review the Instructions/FAQ’s/State Charts
prior to beginning the application
• Timeframe for completing the application
package
– Primary vs. Expansion vs. Corporate Amendment
• A complete application package should be
submitted to the application state
What Questions Should I Ask?
• Does the state have any state-specific
requirements?
• Does the state require the application to be filed
electronically or in hard copy?
• If the state accepts the electronic application, are
there hard copy or wet signature requirements?
Form 3/LOB Matrix
• Form 3 is completed in an Expansion and a
Corporate Amendment (Adding Line of
Business) Application
• Line of Business Matrix
• Review the Certificate of
Authority/Certificate of Compliance to
ensure the company is applying for the correct
line of business.
The Matrix lists the lines
of business as reported in
the Annual Statement
filing and corresponds to
the States lines of
business.
For example, If a
company is applying to
write Farmowners
Multiple Peril in AL,
they would need to apply
for both Property (Sec.
27-5-5) and
Miscellaneous Casualty
(Sec. 27-5-6, 27-5-7, 27-58, 27-5-9)
Biographical Affidavit
• Identify who will need to complete a
Biographical Affidavit by reviewing the Applicant
Company’s Organizational Chart
• Track the Officers/Directors/Key Managerial
Personnel that are completing the Biographical
Affidavit
• Third-Party Vendors
• Timing for Third-Party Verification Reports
Plan of Operation
• Plan of Operation is made up of:
– Form 8 – Questionnaire
– ProForma
– Narrative
Merger or Name Change
• Mergers:
– Domestic – The company will file a Form A
filing.
– Foreign – The Company will submit a corporate
amendment for the surviving company.
• Name Change: Domestic vs. Foreign.
– TIP: consult the state chart on name approvals –
some require prior approval so check all states first
so you don’t have to pick another name.
NAIC Notification
• After your company has received domiciliary
state approval for a Name Change, Merger or
Redomestication, forward a copy of the
approval or new certificate of authority to the
NAIC.
• The approval or new CofA should be sent to
[email protected] prior to completing the
Corporate Amendment application.