Disability Income Products
Thinking about the benefits of submitting a disability income product filing submission to the Insurance Compact? This email will provide valuable tips below to make your disability income product submission filing experience smoother.
Disability income is the newest product line for the Interstate Compact and a complete policy package is the minimum of a policy, application, outline of coverage and the rate schedules to be used with the policy. All the rates and supporting rate attachments should be under to the Rate/Rule Schedule and not the Supporting Documentation tab.
The Filing Description field for disability income products should have information indicating if the policy is for long- or short-term disability or has coverage for both long- and short-term disabilities. The information as to the type of renewability and for what length of time, such as a non-cancelable or guaranteed renewable to age 65 is also helpful. There should be enough general information to determine the type of product that is being filed and a specific explanation for each form attached for approval. Do not attach a cover letter to Supporting Documentation with this type of information.
Something to note, the definition of "sickness" is unique to the Insurance Compact since it requires including complications of pregnancy and the company shall accept a Physician's diagnosis of complications of pregnancy. It is a good idea to check the policy definition of "sickness" to make sure this language is there before submitting to the Compact.
The Insurance Compact would also advise that you review the Filing Information Notice 2012-1: Individual Disability Income Insurance Filings that is readily available on the IIPRC website, specifically the Filing Information Notice page. This FIN was drafted to provide guidance regarding the disability income product filing submission process.
For more information regarding the filing process for disability income products, we would encourage you to participate in the webinar that is scheduled for Thursday, August 16th. The topic for this webinar will be disability income product filing submissions. This will be a perfect opportunity to ask any questions that you may have related to disability income filings. More information regarding this webinar may be found on the IIPRC Event Calendar located on the IIPRC website.
If you have any questions about any of the information that is in this email, please contact the IIRPC Office for additional information and assistance.