2021 Mid-Year Stats Update
We are halfway through 2021! The Compact is continuing to see an uptick in filing volume, and we would like to share with you a few impressive statistics.
Through June 30, 2021:
- 246 Registered Companies have submitted 1,340 forms to the Compact that include 746 products.
- Mix and Match has reached a record low of 16%, down 6% from 2020.
- Supporting Documentation Update Filings are the most submitted filings, followed by the Policy Form filing type.
The types of products filed with the Compact through June 30, 2021, are:
- 68% Life Insurance
- 18% Annuities
- 11% Long-Term Care Insurance
- 3% Disability Income Insurance
The average approval time for a Compact filing submission remains at 25 review days, well below the 60 review days allowed under the Compact’s Operating Procedure for the Filing and Approval of Product Filings.
Finally, since accepting filing submissions in June 2007, the Compact has approved over 10,957 products, which equates to over 373,637 SERFF transactions, and 33,778 forms have been submitted for review.
The Insurance Compact Office would like to thank our filing companies for choosing the Compact and their continued partnership this year. If you have any questions about the 2021 Filing Statistics, or about filing with the Insurance Compact in general, please contact the Insurance Compact Office.