Weekly Tips

 

Insurance Compact Weekly Tip: Connecticut FAQ

6/21/2017

As previously announced, Connecticut enacted the Compact legislation last year with an effective date of July 1, 2017. The legislation included an opt-out for all long-term care and disability income Uniform Standards. Connecticut is afforded 10 business days from the effective date to review the Uniform Standards and notify the Insurance Compact of any additional opt-outs. No additional opt-outs are expected. Filers authorized to do business in Connecticut may begin to add Connecticut to submitted and/or approved life and/or annuity product filings beginning on July 18th. In this week’s Weekly Tip, we will go over some common questions about adding Connecticut to a submitted or previously-approved filing.

When can I add Connecticut to my product filing submission?
All registered companies may add Connecticut to any “Closed-Approved” life and annuity filing submissions and any that are pending review on the morning of Tuesday, July 18th. Due to the functionality for Compact filings in SERFF, Connecticut may not be added to a filing prior to this date. Need assistance with adding Connecticut to the filing submission? Detailed, step-by-step instructions on How to Add a State are available on the Insurer Resources page of the website.

When can I start selling my approved product in Connecticut?
When a Compacting State is added to a filing post-submission, the Compact Office must Acknowledge the added Compacting State(s) before it is considered Approved for use in that state. Acknowledgement is dependent on proper fee submission and the completion of any necessary Statement of Intent entries. The Insurance Compact Office will make every effort to acknowledge the addition of Connecticut within one (1) business day, provided these requirements are satisfied. Acknowledgement creates an entry in the Filing Log and can generate a SERFF Message, depending on your settings. Once Connecticut has been acknowledged in the Closed-Approved product filing, then the company is eligible to begin selling and marketing the product in Connecticut.

How do I add Connecticut to my Statement of Intent (SOI)?

  • On July 18th, the filer may submit a Note to Reviewer requesting that a filing be re-opened so that the SOI may be updated to add Connecticut Product Components. The Compact Office will not acknowledge the added Compacting State, in this instance Connecticut, until the SOI updates are completed. The Compact Office receives a SERFF message when SOI entries are added; it is not necessary to notify the Compact Office via phone, email or Note to Reviewer that the SOI has been updated.
  • If the filing does not already utilize Mix and Match, but there will be Mix and Match for Connecticut Product Components, when adding Connecticut to the filing the filer should submit a Note to Reviewer requesting that the filing be re-opened to populate the SOI for Connecticut and follow the posted directions for completing the SOI.
  • If the filing is already Mix and Match but there will be no Mix and Match for Connecticut, when adding Connecticut to the filing, the filer should submit a Note to Reviewer stating that the SOI does not need to be updated.

Where do I find the insurance department contact information for Connecticut required to be included in my product?
All contact information for all Compacting States, including Connecticut, may be found on the State Contact Information document posted on the Insurer Resources page of the website. This information has been provided by the Connecticut Insurance Department.

Does Connecticut have filing fees?
Connecticut has retaliatory state filing fees. If the State of Domicile for the filing company has filing fees, submit the amount that the State of Domicile would require in the Connecticut line on the Filing Fees tab when Connecticut is added to the filing submission. More information about the filing fees may be found on the Insurer Resources page of the website.

Are there any Compact filing fees to add Connecticut to an existing filing?
No, there are no Compact filing fees to add Connecticut to an existing filing.

If you have any further questions about Connecticut, please contact the Insurance Compact Office.