Insurance Regulatory Consultants, LLC (IRC) assists clients with product development to ensure compliance from the very beginning of any project. This allows for a smoother ride during the filing review phase, including fewer objections and faster review from state insurance departments. Development work includes drafting state amendatory endorsements and state exception pages for proprietary products, as well as creating any needed supporting documentation for propriety products and bureau adoptions. Development work is based on IRC's extensive filing experience, review of online legal resources and review of pertinent competitor filings. Our product development work is supported by our ability to anticipate compliance issues due to our filing history and experience with state examiners – we know the questions they’re going to ask, and we can help you answer them.

IRC handles all aspects of the insurance product filing process for its clients. This includes, but is not limited to, the completion of all state-required filing forms. IRC has the experience and the knowledge to complete all filings forms, including the more extensive California Prior Approval Rate Application, Rate Template and Company Exhibits, and the New York Review Standards Checklists and various Compliance Questionnaires. IRC also handles payment of any state required filing fees (as a pass through to clients when IRC's SERFF instance is used). A standard forms/rates/rules project is typically submitted in all 50 states and D.C. within 3 business days.

SERFF is always open and IRC is always checking it for updates from state insurance departments – approvals, objections letters and any other notes or messages that come our way. Objection letters are thoroughly reviewed and sent to clients with suggested responses, redlined revision proposals and any other information you may need to address the objections quickly and accurately. This may include copies of any referenced state statutes/regulations/bulletins and IRC insights into state questions. Status updates are sent on a regular basis to announce new approvals, summarize any required revisions, and list outstanding objections. Clients are provided online access to all submitted filings. Please ask about IRC's upcoming software release, which will completely improve this stage of the filing process.

IRC develops customized user-friendly policy rating applications that are cost-effective, reliable, and compatible with many policy administration software solutions.

• Developed and maintained in MS Excel.
• Uses drop-down menus, check boxes, and buttons for most rating options.
• Customized to reflect underwriting guidelines for any line of insurance.
• Easy to maintain and update when rates change.
• All prior rating elements are retained and used (audits, endorsements, etc.) based on effective date.
• Consistently and reliably produce the correct premium for any effective date.
• Includes calculation of premium for cancellations and endorsements.
• Includes development of forms listing based on user input.
• Developed quickly, efficiently and cost effectively.
• All lines of insurance for both independent and bureau programs.

IRC provides regular summaries of bureau information to clients, capturing key components of all rating bureau circulars and bulletins. We advise clients on any required filing/regulatory action and proceed with filings as needed/directed by clients. We work with clients to provide this information in formats that work best for you. Our goal is to help you stay on top of this important maintenance task in the most efficient and effective way possible.

IRC brings its clients’ transactional statistics in to compliance with the various rating bureau requirements. IRC utilizes rating bureau validation utilities to efficiently report statistics. IRC also tracks all data calls and submissions.

While IRC does not have an actuary on staff, we do have staff with significant experience and relevant background work in this area. IRC's clients routinely rely on this expertise to provide a review of industry data and provide Expense and Investment Income exhibits to develop and support company Loss Cost Multipliers. We also have extensive experience in preparing the California Rate Application, the California Rate Template and completing the Rate Collection System (RCS) rating examples within the Florida I-File system. We also have experience reviewing competitor filings and creating relevant rate support exhibits to gain approval in New York, Washington, Alaska and other tough-to-get-approved states. We often work in conjunction with our clients’ staff actuaries in the preparation of filing support exhibits and objection responses. We can make sure you’re providing the most relevant data for your filing and presenting it in the best way possible to facilitate approval.