News

The expedited review queue for filings requiring actuarial review will reopen on Monday, July 7th.  At that time, the queue will resume on a one-in/one-out basis, meaning only one filing at a time that requires actuarial review will be permitted in the active queue and a new filing will not be admitted into the active queue until the current filing has been closed. The purpose of this limit is to maintain the high service level of the expedited review process and ensure adequate resources remain for the regular queue.

Also on this date, the Compact will begin maintaining a waitlist to organize the expedited review filings awaiting a spot in the active queue. Admittance into the active queue will be chronological and based on when the request was approved. Filers may make expedited review requests at any time and at any frequency.

To further support the expedited review service levels, updates to the expedited review program are being implemented and become effective July 7th.  Summarily, the changes include:
1.    Reducing maximum number of forms per expedited filing from 10 to 5.  This requirement does not apply to filings that contain only application forms.
2.    Extending actuarial review time from 5 business days to 10 business days for filings containing universal life forms (including but not limited to indexed universal life and variable universal life) and annuity guaranteed living benefit forms.  This rule is applicable to SDU filings that update any universal life product or annuity guaranteed living benefit product feature.

These program changes are reflected in the updated program documentation which can be accessed under the Expedited Review Process link on the Industry Resources page of the Insurance Compact website. The Compact is evaluating additional program eligibility criteria that may be applied to ensure the original intention of the program is met which is to provide high-quality review under rapid guaranteed service levels for filings substantially compliant upon submission.

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