Proper management of bureau-based products is critical to the success of all affiliated companies. It does not matter if you are a small company or a large one, once you start dealing with multiple states and lines of business you end up with numerous bureau circulars and bulletins to manage.
Perr&Knight’s bureau monitoring service provides an efficient and cost effective way to monitor, track and analyze the impact of the numerous circulars and bulletins released each day by the various rating bureaus.
We perform these services for companies affiliated with large national and individual state bureaus who advise property & casualty insurance companies on rates/loss costs, rules and forms. Our bureau monitoring services encompass all lines of business in all U.S. jurisdictions.
In order to effectively utilize a rating bureau’s rates/loss costs, rules and/or forms, in a compliant manner, an affiliated company must:
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Review each circular or bulletin released by the rating bureau.
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Identify all insurance products affected by the circular or bulletin.
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Determine the desired course of action, including any associated filings, for each product.
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Prepare, submit and track any filings required by the company’s response to a circular or bulletin.
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Communicate the status of resulting filings to appropriate insurance company personnel.
- Document all steps in the process to ensure compliance.
Our state filings unit often works together with our bureau monitoring unit to prepare and submit the necessary filings to adopt, delay adopt or non-adopt bureau loss/rates, rules or forms. This provides our clients with a comprehensive regulatory compliance solution for their bureau-based programs.
BUREAUMONITOR.COM
Perr&Knight manages our clients’ bureau monitoring processes through BureauMonitor.com, a secure web application that can be customized for each insurance company to reflect their products and affiliation profile.
This web application, developed by Perr&Knight, provides an organized solution for effective communication and documentation of an insurance company’s response to bureau rate/loss cost, rule and form activity. Through BureauMonitor.com, we provide our clients with:
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CIRCULAR & BULLETIN ALERTS
Perr&Knight issues alerts that summarize each circular or bulletin, inform the company of any required action including filings, identify the programs affected, and assess the impact on each program. The alert typically contains a link to the specific circular or bulletin. In addition, the company has the option of receiving e-mails, daily or weekly, informing them of the number of alerts by bureau over various time periods.
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ONLINE ACCESS
BureauMonitor.com serves as a central location through which clients can track, communicate and reference their bureau activity on-line in real time, rather than communicating bureau activity to company personnel haphazardly and tracking the information via spreadsheets.
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FILING TRACKING
The web application’s “Company Filings” page allows our clients to track filings submitted in response to bureau circulars. Information on the Company Filings page can be sorted by filing type (e.g. rates, rules or forms), adoption method (e.g. delay adoptions, adoptions with modifications), filing status, effective date, etc., and downloaded to a spreadsheet. BureauMonitor.com also offers the ability to add customized fields so that the Company Filings page can be tailored to meet a particular company’s tracking needs.
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SEARCHES
The search capabilities of the website allows our clients to filter and group together related bureau circulars, and to search circulars by key word, reference filing number, state, line of business, etc. Each user can save the searches they use most often.