2021 Year End Statistics
2021 was a record-breaking filing volume year for the Insurance Compact. We would like to share with you a few impressive statistics from the year.
From January 1, 2021 to December 31, 2021:
286 Registered Companies submitted 2,337 forms to the Compact that include 1,547 products.
Mix and Match reached a record low of 15%, down 7% from 2020.
Supporting Documentation Update Filings were the most submitted filings, followed by the Policy Form filing type.
The types of products filed with the Compact in 2021 were 70% Life Insurance, 20% Annuities, 8% Long-Term Care Insurance, and 2% Disability Income Insurance.
The average approval time for a Compact filing submission was 27 review days, well below the 60 review days allowed under the Compact’s Operating Procedure for the Filing and Approval of Product Filings.
Finally, since accepting filing submissions in June 2007, the Compact has approved over 11,815 products, which equates to over 403,605 SERFF transactions, and 35,085 forms submitted for review.
The Insurance Compact Office would like to thank our filing companies for choosing the Compact and their continued partnership this year. If you have any questions about the 2021 Filing Statistics, or about filing with the Insurance Compact in general, please contact the Insurance Compact Office.