News

The Insurance Compact launched the Expedited Review Pilot Program on January 1, 2019, and because it succeeded in its initial goals, the program became permanent in 2020. The Expedited Review Program is a Compact success story because it provides accelerated speed to market for experienced filers without compromising the resources, quality reviews and turnaround time provided to all filers under the Product Filing Rule.  To accommodate the sustained demand for expedited review, the eligible product lines and filing parameters have been expanded on multiple occasions.

Here are statistics for outcomes under the Expedited Review Program:

• 1223 approved expedited review filings since 2019, most of which contain multiple forms and require actuarial review
• 1135 of which are life and annuity filings, primarily individual life and individual annuities
• 11.5 business days to approval for expedited review filings in 2026, an improvement over 15 business days the previous two years

The current product types available for expedited review are:

• Individual life insurance
• Individual annuities other than index-linked variable annuity contracts and index strategies
• Individual long-term care insurance advertising material, applications and forms required to be used with LTC applications
• Individual disability income insurance applications
• Group life insurance (term and whole life)
• Group annuities

If a filer has suggestions for expansion or improvements to the expedited review program, please submit those via email at comments@insurancecompact.org.