© 2008 national association of insurance commissioners serff marketing 816.783.8787...
Post on 14-Dec-2015
216 Views
Preview:
TRANSCRIPT
© 2008 National Association of Insurance Commissioners
SERFF Marketing816.783.8787
serffmktg@naic.org
The Check Is Not In The Mail
© 2008 National Association of Insurance Commissioners
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
© 2008 National Association of Insurance Commissioners
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)
© 2008 National Association of Insurance Commissioners
Filing created and fee information completed
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
© 2008 National Association of Insurance Commissioners
The EFT Process in SERFF
Filing created and fee information completed
Filing created and fee information completed
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
© 2008 National Association of Insurance Commissioners
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.
© 2008 National Association of Insurance Commissioners
The filing will not be eligible for EFT if a company or state is not enabled for EFT.
© 2008 National Association of Insurance Commissioners
Submitted EFT filings will include the Date and Time Processed and Transaction
Number.
© 2008 National Association of Insurance Commissioners
EFT Report Link
© 2008 National Association of Insurance Commissioners
EFT Reports
Report Menu
© 2008 National Association of Insurance Commissioners
Detail Report
© 2008 National Association of Insurance Commissioners
Summary Report
© 2008 National Association of Insurance Commissioners
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
© 2008 National Association of Insurance Commissioners
State EFT UsersState EFT Users
AlabamaAlabamaAlaskaAlaskaArkansasArkansasConnecticuConnecticu
ttDelawareDelawareGeorgiaGeorgia
TennesseeVermont West
VirginiaSouth
Dakota
North North DakotaDakota
OklahomaOklahomaPennsylvania Pennsylvania
New Hampshire
Iowa
Rhode Island
LouisianaMaineMarylandMinnesotaNebraskaNevada
Kentucky
© 2008 National Association of Insurance Commissioners
Industry EFT Users
• Third Party Filers
• Rating/Advisory Organizations
• Groups of Companies
• Single Companies
© 2008 National Association of Insurance Commissioners
EFT Implementation Process
• Paperworkwww.serff.com/initiatives/
serff_eft.htm
• Internal Procedures
• Testing
• EFT Enabled
© 2008 National Association of Insurance Commissioners
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.
© 2008 National Association of Insurance Commissioners
SERFF Marketing816.783.8787
serffmktg@naic.org
Questions?Questions?oror
Comments?Comments?
top related