INTERSTATE INSURANCE PRODUCT REGULATION COMMISSION (Compact)
Insurance Compact Filing Guidance: Process for Revisions to Forms and Supporting Documentation in Compact Filings
The Interstate Insurance Product Regulation Commission is providing filing guidance for revisions to forms and supporting documentation in Compact filing submissions.
The purpose of this notice is to update filing guidelines to establish a consistent process for the submission of revisions to previously-approved filings that have been closed after review and approval, and unanticipated revisions to pending filings under review. The Insurance Compact Office fields numerous questions about the permissibility and requirements for making revisions to pending and previously approved filings. This notice documents the factors considered in responding to these inquiries based on existing guidance and details updated filing guidelines to better reflect the review involved in various scenarios. With this updated process, revisions that have previously been allowed via reopen of a Compact-approved filing will generally require a new filing. Filing situations not addressed herein should be brought to the attention of the Insurance Compact Office.
Please review the attached Filing Information Notice 2017-1: Process for Revisions to Forms and Supporting Documentation in Compact Filings. Voluntary compliance is in effect until March 31, 2017, after which time filers will be required to comply with the process outlined in this Filing Information Notice.
The Insurance Compact provides useful information on its website for making a product filing submission to the Insurance Compact, including the adopted Uniform Standards & Associated Checklists, Best Practices Checklist, Pre-Filing Communication Form, and SERFF Filing Access (which provides immediate access to approved products). The Insurance Compact Office is accessible both before and during a product filing review to maximize the submission of compliant forms, which can directly minimize the regulatory review and company response turnaround.
This FIN will be made available on the Filing Information Notices page of the Insurance Compact website. If you have any questions regarding this notice or the attached FIN, please contact the Insurance Compact Office.
About the Commission
Currently, 45 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
The IIPRC enables state insurance regulators to develop uniform national standards for asset protection insurance products, such as life insurance, annuities, disability income and long-term care insurance. The IIPRC establishes a central filing point for these insurance products, enhancing the speed and efficiency of regulatory decisions and allowing companies to compete more effectively in the modern financial marketplace, while continuing to provide protection for consumers.
For more information, visit www.insurancecompact.org.