OR| The Oregon Division of Financial Regulation Bulletin 2025-05 provides updated guidance for all entities regulated under the Oregon Insurance Code regarding the filing of policy forms and rates. The bulletin outlines the mandatory use of the System for Electronic Rate and Form Filing (SERFF) for most filings, details the required documentation for a complete submission, and emphasizes compliance with statutory and administrative rules for timely and accurate filings. Insurers must ensure all required documents are included, respond promptly to regulatory requests, and maintain records of approved filings for at least five years.
Key Points:
- All policy forms and rates must be filed with and approved by the Division of Financial Regulation, with specific exceptions, and filings should be submitted via SERFF with all required supporting documents such as cover letters, certificates of compliance, product standards checklists, and actuarial memoranda.
- Insurers are required to respond promptly to regulatory requests, provide redlined copies and explanations for any changes to previously approved forms, and notify the division if approved forms or rates are withdrawn from the market.
- Failure to comply with filing requirements, incomplete submissions, or untimely responses may result in disapproval or rejection of filings, and insurers must retain records of all approvals for at least five years or as long as the material is in use.