Two End of the Year Reminders
In this week's tip, the Insurance Compact Office has two reminders for filers as the end of the year approaches.
- Requests for 12/31/2021 Approval or Sooner: Does your company have a tight implementation deadline? If your company has yet to file and is banking on approval by December 31, 2021, you need to seriously consider submitting a request to enter the Expedited Review Program. This applies to all filing types, even Supporting Documentation Update filings. Filers tend to overlook that factors outside of your specific filing influence the time to approval--expedited review helps you address that risk. When it comes to your filing, time to disposition depends on the condition of the filing, complexity of the filing, number of forms and time period in which responses are received. The Insurance Compact Office will verify expedited review eligibility upon request and may waive certain factors in connection with a year-end approval request. Don’t forget to utilize the Compact Best Practices checklist prior to submitting your filing.
- Form Number for 2021 Filings: Remember that form numbers must reflect the year in which a form is submitted for review, regardless of when a filing is expected to be approved. Forms submitted for review in November and December must use an ICC21 prefix; this does not change if review carries over into 2022. Compact requirements for form numbers are clear, consistent, and located in the Cover Page provision of all Uniform Standards. A corresponding point is that product submissions made in 2021 will be reviewed until completion regardless of 2022 registration status.
If you have any questions about these reminders or filing with the Insurance Compact, please contact the Insurance Compact Office.