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Now that we are one month into 2021, the Insurance Compact Office wants to remind filers of Best Practices that will help reduce intake objections, and therefore help filings be assigned to a reviewer more quickly.  

1. Form numbers must reflect the year in which a form is submitted for review.  Forms submitted for review in 2021 must use an ICC21 prefix. Forms submitted in 2020 will keep ICC20 form numbers even if review has continued into 2021. Compact requirements for form numbers are clear, consistent, and located in the Cover Page provision of all Uniform Standards. 
2. Filing Description should be complete. The Filing Description field, located on the General Information tab of the submission, takes the place of the traditional cover letter. Filers should not submit a separate document under Supporting Documentation as the cover letter, but rather should insert actual text in the Filing Description field. Including the information typically found in a cover letter on the General Information tab enables the reviewers to read about the filing submission as the review begins; furthermore, after review is complete, it provides the relevant information about the filing at a glance, without clicking into other tabs. The Filing Description should always include:
   -A detailed description of the filing;
   -A listing of the forms identified by name and purpose;
   -A statement of the types of policy forms with which the forms filed for approval will be offered, and;
   -The Uniform Standards used to create the product filing submission.
3. Filing Fees submitted. The Insurance Compact's Schedule of Fees is published on an annual basis in conjunction with the Insurance Compact's annual operating budget. There were no changes to the Schedule of Fees for 2021. As defined in Section 102 of the IIPRC Terms and Procedures for IIPRC Filing Fees, the Insurance Compact's fees apply per product and per company included in a submission. If you are unsure of your filing fees, we recommend reviewing the Advance Filing Fee Calculation Service Directions and utilizing this service to prevent overpayment and filing fee objections. Please remember an EFT Return Service Fee, equal to 5% of a failed EFT transaction, will be assessed for each failed EFT transaction after the first. We strongly encourage all companies to make their Accounts Payable department aware of the cumulative transactions and fees associated with the company’s filing activity along with any applicable daily EFT limits to avoid an EFT return and avoid delay of filing approval.
4. Identify requested Implementation Date. If you have a requested implementation date, this field should be completed. Please be advised that pursuant to § 105. (b) of the Operating Procedure for the Filing and Approval of Product Filings, product reviews are to take place within a 60-day time period. For aggressive implementation date requests, please review the Expedited Review Instructions and submit a formal request.

If you have any questions regarding submitting a filing, please contact the Insurance Compact Office.