2018 Record-Breaking Filing Statistics
The Compact enjoyed a record-breaking 2018 in terms of filing volume. In this weekly tip, we will highlight a few of these impressive statistics.
- A record 233 Registered Companies submitted 4,163 forms to the Compact, and 1,438 products.
- 1,226 products were approved ? the most approvals granted in any year since the Compact began accepting product filings, over ten years ago.
- Mix and Match reached a record low of 34%, down 10% from 2017.
Here is a quick breakdown of the types of products filed with the Compact in 2018:
- 64% Life Insurance
- 23% Annuities
- 11% Long-Term Care Insurance
- 2% Disability Income Insurance
Amidst this record-breaking filing volume, the average approval time for a Compact filing submission was just 25 review days, well under the 60 review days allowed by the Compact?s Operating Procedure for the Filing and Approval of Product Filings.
The Insurance Compact Office would like to thank all of our filing companies for choosing the Compact and contributing to another successful year. If you have any questions about the 2018 Filing Statistics, or about filing with the Insurance Compact in general, please contact the Insurance Compact Office.