Expedited Review Pilot Program
Beginning January 1, 2019, the Compact is running an Expedited Review Process pilot program. What does this mean for filers? In this Weekly Tip, we will explain some of the basics and show you where to find additional information.
The Expedited Review Process pilot program will run January 1 - June 30, 2019. Only individual life insurance and individual annuity product filings are eligible for expedited review during the pilot. More detailed information on the pilot program, including eligibility criteria, application instructions, and a detailed timeline for the process may be found on the Insurer Resources page of the Insurance Compact website.
Companies eligible to participate in the expedited review process are companies that have registered and meet all of the criteria as follows:
- Submitted at least two filings in each of the past three consecutive years;
- Submitted at least one Compact-approved filing under the same Type of Insurance (TOI) as the expedited filing; and
- Received no more than five (5) objection letters (not including fee objections) per filing on each of their last three Compact-approved filings.
Eligible product filings for expedited review will have the following limitations:
- No more than ten (10) forms on the Form Schedule;
- The product filing submission can be subject to no more than eight (8) applicable Uniform Standards.
All requests for joining the queue should be sent to Expedited@insurancecompact.org; requests to enter the expedited review queue when it opens on January 2nd, 2019, will be accepted on and after December 20, 2018.
A company must receive written acceptance from the Insurance Compact Office to enter the expedited review queue. The Expedited Review fee, due only after the Compact has issued the written acceptance, is double the applicable Compact Per Filing fee. State fees due at the time of filing will not change.
The Compact will explain the Expedited Review pilot program in greater detail during the Compact Filing Fees webinar being offered in December and January. See the Insurance Compact Event Calendar for more details.
If you have any questions about this Expedited Review Pilot Program, or about the Insurance Compact in general, please contact the Insurance Compact Office.