FILING INFORMATION NOTICE 2008-6
DATE: November 25, 2008
FROM: Frances Arricale, IIPRC Executive Director
RE: Supplemental Information - Disclosures/Illustrations/Illustration Certifications
Statutory References: Articles 2.11, 4.6, 7.1 and 10.2 of the Interstate Compact Model Law as adopted by Member States.
Operating Procedure References: Sections 102, 103, and 110 of the Operating Procedure for the Filing and Approval of Product Filings.
Product Disclosures, Statements of Policy Cost and Benefit Information, Illustrations and Illustration Certifications do not fall within the scope of the Interstate Insurance Product Regulation Commission (IIPRC) product review as defined in the Operating Procedure for the Filing and Approval of Product Filings, and are not required to be filed for approval with the IIPRC. However, the IIPRC realizes that such items are components of insurer product implementations. Treatment of these items varies among Member States, with some requiring inclusion in product filings and others reserving the right to inspect these documents upon request. These forms are in the scope of the Member States’ market conduct authority. Therefore, the purpose of this notice is to establish the procedures for the submission of disclosures and illustrations as supplemental filing information with IIPRC Product Filings.
Product Disclosures, Statements of Policy Cost and Benefit Information, Illustrations or Illustration Certifications submitted to the IIPRC with associated products, are considered “supplemental information”. The following procedure must be followed:
- Disclosures, Statements of Policy Cost and Benefit Information, Illustrations or Illustration certifications must be attached to the “Supporting Documentation” tab and should be clearly identified;
- The filing should specify the intended use and product association; and
- The filing should state that each disclosure and illustration is being submitted for informational purposes only.
IIPRC dispositions of filings that contain disclosures and/or illustrations will show these items as “Received.”
APPLICABLE IIPRC FORMS:
Adoption and Effective Date.
This Filing Information Notice is effective immediately.
Questions regarding this Notice should be directed to:
Interstate Insurance product Regulation Commission
444 North Capitol Street, NW
Hall of the States, Suite 701
Washington, DC 20001-1509
Phone: (202) 471-3962
Fax: (816) 460-7476