SERFF pricing and policy changes were adopted with the approval of the NAIC's 2018 Budget on December 4, 2017. These changes, which will be effective January 4, 2018, were designed to streamline the pricing structure in order to ensure equity across prepaid tiers; alleviate manual effort involved with the prepaid block process; and significantly reduce the NAIC's financial liability. An emailed notification was sent to SERFF customers on December 5, 2017 to notify them of these impending changes.
The Pay-As-You-Go rate for transactions within the system has been reduced from $15 to $13.50.
The prepaid-block tiers have been streamlined to three with pricing as follows:
|Block Size/ Number of Transactions||Per Transaction Price||Transaction Block Fee|
Prepaid blocks will expire 24 months after purchase, with any unused transactions to be recognized as NAIC revenue following expiration. In the new pricing structure, there is no longer a volume discount on Pay-As-You-Go transactions, so your company may want to take advantage of prepaid blocks. The SERFF marketing team can assist you with the block purchase.
To facilitate the transition to the new structure, the policy regarding block refunds has changed.
For many customers, the new structure will be more financially beneficial than the current one. As a result, the NAIC will offer refunds of the unused balance for blocks that were purchased based on the 2017 and prior pricing structure.
Refunds will be issued by April 30, 2018, unless the NAIC is notified in writing by January 31, 2018, that you wish to retain the block(s) and not receive a refund. Information regarding how to opt out of a refund will be provided within the next week. Please note that those customers who opt out of a refund will be asked to utilize their remaining prepaid transactions by the end of 2018.
Further details or clarification regarding the changes will be posted on http://www.serff.com as they are available. However, if you find that you have questions regarding the new pricing or policies, you are welcome to contact the SERFF Marketing team at email@example.com or 816-783-8787.