News

The Compact has implemented a new Type of Insurance (TOI) for Index-Linked Variable Annuity (ILVA) filings. The new TOI has been added to the Product Coding Matrix to better reflect the hybrid nature of ILVA products. The new TOI is clearly distinct from other individual annuity TOIs, which should help reduce filer errors and intake follow-up.

Effective Monday, November 16, filers must use TOI "A04I Individual Deferred Index-Linked Variable Annuity Contracts" when submitting ILVA filings. The previous TOI, "A02.1I Individual Annuities - Deferred Non-Variable and Variable," will be deactivated and will no longer be available for these products.

Using the correct TOI is important to ensure state opt-outs are accurately reflected. Oregon has opted out of these Uniform Standards and therefore cannot be included as a participating state in filings submitted under the new TOI. Filings submitted using a TOI other than "A04I Individual Deferred Index-Linked Variable Annuity Contracts" may require refiling, so be mindful when setting up SERFF to ensure the correct TOI is used.

Please contact the Insurance Compact office with any questions at comments@insurancecompact.org.