Drafting an Actuarial Memorandum for a Compact Product Filing
Did you know that the Insurance Compact has different requirements for an actuarial memorandum than the states? In this weekly tip, the Insurance Compact reminds filers that submitting a boilerplate actuarial memorandum will generate objections in SERFF and a delay in the approval.
Company Actuaries should refer to the Actuarial Requirements section in the applicable Uniform Standards when drafting the actuarial memorandum for a Compact product filing. The Compact reviewers use the applicable Uniform Standards as a checklist when conducting the product review. All actuarial requirements listed in the Uniform Standards must be met in order to achieve Compliance.
If your company actuary has any questions about the preparation of actuarial materials for a Compact product filing, submit a completed Pre-Filing Communication Form to Comments@insurancecompact.org. Your pre-filing questions will then be routed to the appropriate members of the Compact Review Team and answered via email or conference call, if necessary.