Discontinuing Sales of a Compact-Approved Product
The sale of Compact-Approved products may be discontinued for several reasons. In this week's Weekly Tip, we will provide filers with guidance on what to do when this occurs.
When a company discontinues the sale of a Compact-approved product, it is not appropriate to request the filing or approval be withdrawn, because the product has presumably been issued and the approval reflecting compliance with the applicable Uniform Standards still stands. Instead, all a filer need do is submit a Note to Reviewer within the affected product filing specifically identifying which form(s) in the filing will no longer be marketed and in which states, if only certain states are affected. The filing will remain "Approved" to support the market regulation of in-force products. The Note to Reviewer will provide information to the states and the Compact.
If you have any questions about this Weekly Tip or the IIPRC, please contact the IIPRC Office at Comments@insurancecompact.org.