Fee Refresher for Group Annuity Product Filings
Is your company preparing to file group annuity products with the Compact? In preparation for the March 30th effective date, we pulled together a brief primer to explain the nuances of Insurance Compact fees for these new Uniform Standards. The fee schedule for group annuity products is the same as for other products filed with the Compact.
You may remember that the Insurance Compact?s 2020 Schedule of Fees has two main categories of per-filing fees: product filing submissions requiring Actuarial Review, and product filing submissions without Actuarial Review. To determine which category your product filing falls under, check all applicable Uniform Standards for an Actuarial Memorandum Requirements section. Typically, this section is located under ?1 Additional Submission Requirements. If the Uniform Standards have actuarial memorandum requirements, then the filing fees for the product submission will fall under the category for product filing submissions requiring Actuarial Review.
Did you know the Insurance Compact Office has created a tool for filers intended to help determine which fee category will apply? Review the list of Uniform Standards without Actuarial Review, published to the Insurer Resources page of the Insurance Compact website, as another way to determine whether the applicable Uniform Standards have actuarial requirements.
To determine the amount of the Insurance Compact filing fee per group annuity product included in a filing, the premium volume classification of the filing company must also be determined. Better yet, to eliminate the step of determining Insurance Compact and state filing fees for any product filing submission, use the Advance Filing Fee Calculation Service.
If you have any questions about Insurance Compact filing fees for group annuity product filings, or about filing with the Insurance Compact in general, please contact the Insurance Compact Office.