1. The Check Is Not In The Mail
Utilizing EFT

2. W hat is EFT? Electronic Funds Transfer
Encompasses several technologies
Provides for electronic payments and collections

3. Overview of ACH Process
ACH/CTX
Central database of EFT transactions
Daily batch
Company to NAIC (pull), NAIC to State (push)

4. The ACH Process Filing created and fee information completed SERFF
Server
EFT data saved
in CTX file
Filing submitted;
EFT data transmitted
CECI
Server
SERFF shows EFT
transaction successful
EFT Report
available in
SERFF
Daily batch sent to bank
Transactions appear
on bank statement
after bank processes
are complete
Simultaneous
Industry debit
and State credit
State/Industry Treasury
& Accounting Depts
can reconcile bank
statement

5. The EFT Process in SERFF
Filing created
and fee
information
completed
SERFF
Server
Filing Submitted;
EFT Data Transmitted
SERFF Confirms Filing &
EFT Transaction Successful
Funds go through
the banking process
SERFF provides EFT Report
State receives filing in SERFF
Review process
begins
State/Industry Treasury
& Accounting Depts can
reconcile bank statement
and notify rate/form
administration
Rate/form administration
can notify reviewers/filers
that funds were rec’d

6. The filing will be eligible for EFT only if both the insurance company and the State has enabled EFT.

7. The filing will not be eligible for EFT if a company or state is not enabled for EFT.

8. Submitted EFT filings will include the Date and Time Processed and Transaction Number.

9. EFT Report Link

10. EFT Reports
Report Menu

11. Detail Report

12. Summary Report

13. EFT Today Released December 13, 2002 Over 90,000 EFT filings processed
22 out of 31 states that charge fees have implemented full EFT capabilities
Over 1800 companies are using EFT

14. State EFT Users Louisiana Maine Maryland North Dakota Oklahoma
Pennsylvania
Alabama
Alaska
Arkansas
Connecticut
Delaware
Georgia
Minnesota
Rhode Island
Nebraska
Nevada
Tennessee
Vermont
West Virginia
South Dakota
Iowa
New Hampshire
Kentucky

15. Industry EFT Users Third Party Filers Rating/Advisory Organizations
Groups of Companies
Single Companies

16. EFT Implementation Process
Paperwork
Internal Procedures
Testing
EFT Enabled

17. Overcoming Barriers Not enough companies are using EFT.
We don’t have the resources.
Is there a fee to use EFT?
Cannot allow bank account credits.
Our state cannot track funds for each state office.

18. Questions? or Comments?