News

The Compact is currently undergoing a transitionary period with regards to actuarial resources, limiting those resources available in which to review life and annuity expedited filings.  As such, the expedited review queue for filings requiring actuarial review is being temporarily closed.  It is anticipated this queue will be closed for at least four weeks, at which time the Compact will provide an update. During this time, the Compact will not be maintaining a waitlist.  The few filings currently on the waitlist will retain their places in the regular queue.  The expedited review queue remains open for filings that do not require actuarial review.

We understand this announcement causes difficulty in decision making about filing plans. Our approach is to be transparent that expedited review service levels in life insurance and annuities are not achievable with a reduced actuarial team. While the expedited review queue continues to grow, the top priority is to handle all Compact filings equitably and promptly, which currently requires stepping away from the expedited review queue service levels. The Compact is actively working to apply short- and long-term solutions to the actuarial resources gap.

During this time, our top recommendation for quicker turnaround time is to base your next filing on the most recently approved material for the same type of product. We are seeing more basic standards compliance issues connected with frequent filers than is typical. Submitting a filing that is ready for review and based on approved material is the most effective way to improve time to approval.

Thank you for your understanding and patience. If you have any questions, please reach out to the Compact Office via comments@insurancecompact.org.