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.
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