Weekly Tip: Formatting the Company Licensing Verification Annual Registration Requirement

Weekly Tips

Formatting the Company Licensing Verification Annual Registration Requirement

12/11/19

The Insurance Compact Office recently announced a new Company Licensing Verification submission requirement for 2020 Annual Registration Filing (ARF) submissions. To satisfy this submission requirement, the company must provide a list of the Compact States in which the company does not have a Certificate of Authority, including if the company's authority is limited to a specific product line in a given state. Companies licensed for all product lines in all states should include a statement to that effect. Bypassing the requirement or marking it "n/a" will result in follow-up from the Insurance Compact Office.

Since implementing this new submission requirement, the Insurance Compact Office has received questions asking for clarification regarding the formatting of the list. To keep things simple, the Compact Office asks that the company provide a simple list, without attachments, of the states as demonstrated below:

Sample Company Licensing Verification Submission

 

As a reminder, the Compact will check the list of states provided in the ARF submission against the states included in the company's product filings submitted throughout the year. If the Company obtains authority in additional Compact states or for additional product lines in the course of the calendar year, it is the company's responsibility to submit a Note to Reviewer requesting to reopen the ARF submission to update this submission requirement and attach evidence of additional authority.

If you have any questions about the Company Licensing Verification submission requirement, or about filing with the Insurance Compact in general, please contact the Insurance Compact Office.