New LTC Advertisement Instructions

Weekly Tips

New LTC Advertisement Instructions

4/1/2022

This tip announces a new approach for filing advertising material for long-term care products approved by the Compact. Instead of maintaining a single advertising filing per approved product that is reopened for review of new forms over time, advertising material will now be filed and reviewed in a new single filing submission of one or more new advertising forms. This aligns the filing of LTC advertising material to the current submission process for other product filings and enables LTC advertising material to be integrated into the Expedited Review Process.

This change is effective immediately as a pilot process through October 1, 2022. At that time the modified process will be assessed for any further improvement and integrated into Filing Information Notice 2017-2.

Instructions for the single submission process for LTC advertising material will be available on the Industry Resources page of the Compact website and linked in the SERFF General Instructions under Interstate Compact.

Key requirements are:

1) Use the associated fling feature to identify the approved product(s) with which the advertising form(s) will be used

2) Respond to the new submission requirement on the Supporting Documentation with a table of necessary information on a per-form basis:

a) Form number

b) Form name

c) Type of advertisement

d) Method of dissemination

e) SERFF Tracking Number of the product(s) with which the advertisement form will be used

3) Submit Compact and state filing fees in the same manner. There are no changes to the payment of filing fees connected with this change.

4) The form(s) and supporting material will continue to be reviewed in the order filed using the regular correspondence process unless an exception is requested by the filer.

If you have any questions regarding the new Long-Term Care Advertising submission process or filing with the Insurance Compact, please contact the Compact Office at comments@insurancecompact.org.