State insurance regulators are hoping to cut "unnecessary red tape," simplify approval processes for companies and better protect consumers through modernizations recommended a working group of overseers and industry officials.
The state Insurance Department said in a news release that the changes will allow it to focus resources on the needs of consumers, while becoming more responsive and efficient in dealing with the needs of the insurance market.
"Cutting red tape and simplifying routine filings will help bring products to market faster and reduce costs," Insurance Superintendent James J. Wrynn said. "It will also allow the department to better protect consumers by focusing its limited resources on more complex products which warrant a more thorough review and on serious violations."
The recommendations include clearer guidelines and checklists for applications and filings so companies are aware of requirements.
That would avoid going back and forth with subsequent information requests and submissions.
The department also will speed up reviews and approvals of applications for new products, services and rates; provide easier access to licensing information by phone for brokers and agents and online for consumers; suggest ways health insurers can improve form filings before they are submitted; and improve the department's website to make it easier to find information.