What an Impressive Year!
As we approach the end of 2021, the Compact has continued to see consistent filing volume, and we would like to share with you a few impressive statistics.
Through October 31, 2021:
282 Registered Companies have submitted 2,129 forms to the Compact that include 1,438 products.
Mix and Match has reached a record low of 14%, down 8% from 2020.
Supporting Documentation Update Filings are the most submitted filings, followed by the Policy Form filing type.
The types of products filed with the Compact through October 31, 2021, are:
72% Life Insurance
8% Long-Term Care Insurance
3% Disability Income Insurance
The average approval time for a Compact filing submission is at 26 review days, well below the 60 review days allowed under the Compact’s Operating Procedure for the Filing and Approval of Product Filings.
Finally, since accepting filing submissions in June 2007, the Compact has approved over 11,532 products, which equates to over 392,673 SERFF transactions, and 34,567 forms have been submitted for review.
The Insurance Compact Office would like to thank our filing companies for choosing the Compact and their continued partnership this year. We look forward to working with everyone in the coming year. Register now to continue your filing benefits without interruption.
If you have any questions about the 2021 Filing Statistics, or about filing with the Insurance Compact in general, please contact the Insurance Compact Office.