Tennessee Modernizes Insurance Company Fee Payment MethodOPTins Quickly, Securely Allows Insurance Carriers To Pay Fees Online
NASHVILLE – In an effort to improve efficiencies and customer service, the Tennessee Department of Commerce & Insurance (TDCI) announces that non premium tax fees can now be paid electronically to the Department.
In the past, insurance carriers faced delays and expenses when printing and mailing paper checks covering payments for expansion application fees, annual certificate fees, and insurance company corporate amendment fees, among others. Beginning this January all insurance company fees may be paid securely and electronically through OPTins, an online electronic payment application created for states by the National Association of Insurance Commissioners (NAIC).
“In the past, insurance companies had to rely on a postal carrier to deliver their important fee payments by mail to the Department here in Nashville,” said TDCI Commissioner Hodgen Mainda. “By leveraging technology such as OPTins, our Department is helping modernize state government and better serve Tennessee citizens.”
In 2011, TDCI first implemented OPTins by allowing insurers to electronically pay premium taxes to the Department. With the current changes, virtually all insurance carrier fees in Tennessee can be paid online via OPTins.
“We applaud Tennessee’s efforts to leverage the efficiencies they could gain by implementing a single system for payment collection in their state, and we’re pleased to partner with them in this effort," said Scott Morris, NAIC Chief Technology Officer.
Said TDCI Assistant Commissioner Rachel Jrade-Rice: “Implementing OPTins will create savings for companies by allowing them to instantly pay fees instead of using valuable time and resources in order to cut a paper check. I’m proud of our team for their work helping implement this important step forward for the Department and Tennesseans. ”