File Early for Nonforfeiture Interest Rate Changes

Weekly Tips

File Early for Nonforfeiture Interest Rate Changes

7/28/21

Is your company working to implement the nonforfeiture interest rate changes that will go into effect 1/1/2022? To meet this deadline, the Insurance Compact Office recommends submitting the necessary changes early to ensure adequate time to review the filing and resolve any compliance issues.

We encourage filers to budget 30-60 review days for approval of a Supporting Documentation update filing. Time to disposition depends on the condition and complexity of the filing, the number of products affected, and the timeliness of your company’s responses to objections. 

If your company requires a quicker approval, please consider using the Expedited Review Program. More details on the program and how to submit a request for expedited review can be found on the Insurer Resources page of the Insurance Compact website. If you are unsure if your product or filing experience meets the eligibility criteria, please submit an expedited review request for the Compact Office's analysis. No expedited review fee applies unless the company accepts an opening in the expedited review queue upon notification that a space in the queue is available. 

If you have questions about how to streamline your filing for the nonforfeiture interest rate changes or what documentation is needed, please review the guidance available on our website. These documents can be found on the Insurer Resources page under Filing Reference Materials.

·         Filing Information Notice 2020-01: New, Amended and Refiled Product Filings due to Changes in Interest Rates for Nonforfeiture Values in Life Insurance Products​

·         IRC § 7702 Revisions Resource Page​

If you have any further questions about submitting your nonforfeiture update Compact filing, or about filing with the Insurance Compact in general, please contact the Insurance Compact Office.