Filing Description Best Practice

Weekly Tips

Filing Description Best Practice


Over the past two weeks, the Insurance Compact Office has held webinars to address life and annuity filing submissions. One of the best practice points mentioned pertains to what should be included in your Filing Description. Paying close attention to these particular points will help make your filing experience with the Insurance Compact more efficient.

There are three questions you need to ask yourself when drafting your filing description. Remember, this should be submitted in the Filing Description filed within SERFF and not as a separate letter under Supporting Documentation.

  1. What are you filing? Is this a form to be used with a previously approved form? Is this a new product with all the benefit features?
  2. Why are you filing? Are you amending a particular aspect of this submission? Are you replacing a previously approved form?
  3. When would you like this filing approved? Information to address this question may be entered into the Effective Date Requested field. Please note this does not guarantee approval by your requested date, but is helpful to our review team to understand if you have any internal deadlines.

Additionally, there are additional items that should be identified; some are product specific.

  1. If the newly submitted form is replacing a previously approved form, please identify this information and describe the differences. Be sure to include the SERFF tracking number of the previously approved form. A redlined copy of the form is not required.
  2. Use the Associated Filings feature to identify any previously approved filings that will be used with the forms included in the new submission. The lack of identification can slow down the Intake process and raise questions, especially with regard to the calculation of state filing fees.
  3. For Annuity products, identify when each rider and/or endorsement will be offered. Will it be at the time of issue, after issue or both?

If you have any questions about filing with the Compact, please contact the Insurance Compact Office.