© 2008 national association of insurance commissioners serff marketing 816.783.8787...

© 2008 National Association of Insurance Commissioners

SERFF Marketing816.783.8787

[email protected]

The Check Is Not In The Mail


W hat is EFT?W hat is EFT?

• Electronic Funds TransferElectronic Funds Transfer

• Encompasses several Encompasses several technologiestechnologies

• Provides for electronic Provides for electronic payments and collectionspayments and collections


Overview of ACH Overview of ACH ProcessProcess

Overview of ACH Overview of ACH ProcessProcess

ACH/CTXACH/CTX

• Central database of EFT Central database of EFT transactionstransactions

• Daily batchDaily batch

• Company to NAIC (pull), Company to NAIC (pull), NAIC to State (push) NAIC to State (push)


Filing created and fee information completed


Daily batch sent to bank

The ACH Process

SERFF shows EFTtransaction successful

SimultaneousIndustry debit

and State credit

Filing submitted;EFT data transmitted

EFT Reportavailable in

SERFF

Transactions appearon bank statement

after bank processesare complete

State/Industry Treasury& Accounting Deptscan reconcile bank

statement

SERFFServer

CECIServer

EFT data savedin CTX file


The EFT Process in SERFF



SERFF Confirms Filing &EFT Transaction Successful

Filing Submitted;EFT Data Transmitted

Funds go throughthe banking process

State/Industry Treasury& Accounting Depts can

reconcile bank statement

and notify rate/formadministration

SERFFServer

Review processbegins

Rate/form administrationcan notify reviewers/filers

that funds were rec’d

State

rece

ives

filing

in S

ERFF

SERFF provides EFT Report


The filing will be eligible for EFT only if The filing will be eligible for EFT only if both the insurance company and the State both the insurance company and the State

has enabled EFT. has enabled EFT.


The filing will not be eligible for EFT if a company or state is not enabled for EFT.


Submitted EFT filings will include the Date and Time Processed and Transaction

Number.


EFT Report Link


EFT Reports

Report Menu


Detail Report


Summary Report


EFT TodayEFT Today

• Released December 13, 2002Released December 13, 2002

• Over 90,000 EFT filings processedOver 90,000 EFT filings processed

• 22 out of 31 states that charge fees 22 out of 31 states that charge fees have implemented full EFT have implemented full EFT capabilitiescapabilities

• Over 1800 companies are using EFTOver 1800 companies are using EFT


State EFT UsersState EFT Users

AlabamaAlabamaAlaskaAlaskaArkansasArkansasConnecticuConnecticu

ttDelawareDelawareGeorgiaGeorgia

TennesseeVermont West

VirginiaSouth

Dakota

North North DakotaDakota

OklahomaOklahomaPennsylvania Pennsylvania

New Hampshire

Iowa

Rhode Island

LouisianaMaineMarylandMinnesotaNebraskaNevada

Kentucky


Industry EFT Users

• Third Party Filers

• Rating/Advisory Organizations

• Groups of Companies

• Single Companies


EFT Implementation Process

• Paperworkwww.serff.com/initiatives/

serff_eft.htm

• Internal Procedures

• Testing

• EFT Enabled


Overcoming Barriers

• Not enough companies are using EFT.

• We don’t have the resources.

• Is there a fee to use EFT?

• Cannot allow bank account credits.

• Our state cannot track funds for each state office.


SERFF Marketing816.783.8787

[email protected]

Questions?Questions?oror

Comments?Comments?

© 2008 national association of insurance commissioners serff marketing 816.783.8787...

Documents

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eft process

eft capabilities22

eft report available

eft filings processedover

serff filing

serff serff

insurance company