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September 14, 2004

Is It SMART for Insurance Regulation?

Lobbyists for the American Insurance Association recently made their case for federal over state regulation of insurance before the House Committee on Financial Services by presenting a list that included the following:

• In Nevada, insurance companies must use pink paper when filing the documentation page for a filing fee.
• Ohio does not allow any paper clips or staples in filings.
• Kentucky requires that the insurance company's filing fee be stapled — and in a certain way or the department of insurance can return the filing.
• Wisconsin requires that companies put slashes through the zeroes on their policy form transmittal. This means going over the computer-generated form by hand.
• Arizona requires that companies spell out all insurance company names on state forms. No abbreviations allowed.
• Indiana will not accept filings with more than one insurance company named in the cover letter.
• Iowa and Utah require that filing documents be assembled in a prescribed order or the filing will be returned to the company.

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Posted by Tom Troceen