Add the Newest Member Jurisdiction to Compact Filings Starting August 16th!

Weekly Tips

Add the Newest Member Jurisdiction to Compact Filings Starting August 16th!

8/11/21

On July 30th, 2021, Delaware became the 47th Compact Member Jurisdiction. We are excited to announce filers may add Delaware to Compact product filing submissions beginning Monday, August 16th! In this weekly tip, we will refresh key steps for adding a state to your filing submissions.

Before adding Delaware to your Compact filings on August 16th, consider the following:

  • Status of filing – States may only be added to submissions that are either “Closed-Approved” or currently pending review with the Insurance Compact. Delaware may not be added to filings that are “Closed-Withdrawn.” More detailed instructions for How to Add a State are available on the Insurer Resources page of the Insurance Compact website. Please note in its legislation, Delaware opted out of long-term care insurance.
  • Annual registration – A company must be currently registered with the Insurance Compact to add Delaware to a filing. If your company is not registered for 2021 and you wish to add Delaware, you must first submit an Annual Registration Filing submission. If you do not intend any other filing activity this year, you may utilize the Update-Only registration option.  Once the registration is processed, then you may add Delaware to the filing submissions that are “Closed-Approved” given that the company is licensed in Delaware.  
  • Licensing – If the company is licensed in Delaware, please send a note to reviewer stating so within the Annual Registration Filing, no Certificate of Authority attachments are required. We will not reopen Annual Registration Filings as we have a process in place to verify company licensing with the Delaware Department.
  • Filing fees – The Delaware filing fee is $150 per form. Please remit accurate filing fees for all of the forms included in the filing, even if your company will not use all the forms in Delaware. There are no Insurance Compact filing fees for Delaware to be added to a filing submission. As a reminder, the Insurance Compact charges a 5% EFT return fee on any returns. We strongly encourage you to check your company’s daily limits to avoid a return.

Will your company be adding Delaware to a filing submission that was originally filed as Mix and Match? If so, remember to send a Note to Reviewer to inform the Compact of your intention to Mix and Match Compact-approved forms with Delaware-specific forms. Company filers must inform the Compact whether or not an update to the Statement of Intent (SOI) is needed.  This can be addressed one of two ways:

  • If the company intends to Mix and Match Compact-approved forms with Delaware-specific forms, submit a Note to Reviewer requesting to reopen the filing and update the SOI with Delaware forms. A filing can begin to use mix and match with the addition of Delaware if needed.
  • If the company will not Mix and Match Compact-approved forms with Delaware-specific formssend a Note to Reviewer indicating that the SOI does not need to be updated.
     

The addition of Delaware to Mix and Match filing submissions will not be acknowledged until the foregoing information pertaining to the SOI is provided; failure to provide this information will delay acknowledgement from the Insurance Compact and accordingly the ability to market and issue the Compact-approved forms in Delaware.

For more details regarding Delaware joining the Compact, please see the Press Release.

If you have any questions regarding how to add Delaware to a filing, or about the Insurance Compact in general, please contact the Insurance Compact Office.