The Virginia State Corporation Commission’s Bureau of Insurance has issued Administrative Letter 2018-07 which, effective as of October 30, 2018, allows participating insurers to adopt materials filed by rate service organizations (RSOs) instead of authorizing RSOs to file materials on their behalf.
Participating insurers are insurers which are members or subscribers of an RSO. The option to adopt an RSO filing eliminates (i) the need to authorize an RSO to file materials on the insurer’s behalf and (ii) the need for an insurer to manually file RSO materials as an alternative to authorizing the RSO to file on the insurer’s behalf. It is important to note that no changes were made to the “file on behalf of” process that RSOs currently use, the procedures for advisory filings, or the filing procedures for RSOs.
For further details, please, access the full letter at https://www.scc.virginia.gov/boi/adminlets/18-07.pdf