Weekly Tip- Ready for Review- Advanced Filing Fee Calculation Service and Filing Fees
This week, we continue the series to help you determine whether your filing submission is ready for review. Ready for review means the filing contains all attachments, certifications, and filing components necessary to perform substantive review.
This week we will focus on the filing fees of a filing submission.
Insurance Compact and state filing fees are due at the time of your product submission. During the intake review process, these fees are reviewed and any fee objections are issued. The best way to ensure that the proper fees are submitted accurately is to utilize the Compact’s Advanced Filing Fee Calculation Service. This service was introduced in 2019 to remove the burden of calculating the Insurance Compact and state filing fees owed, ultimately helping to prevent the overpayment of filing fees along with filing fee objections. For the flat fee of $100 per company per filing submission, the Insurance Compact Office will calculate the total fees owed for a filing. Please review the published step-by-step directions on how to request this service on the Insurer Resources page of the Insurance Compact website, under Fees. As an added benefit of using this service, the filing is assigned to the reviewer earlier than without this service.
There are several other resources under the Fee column on the Insurer Resources page to help determine the correct filing fees. The Insurance Compact's Schedule of Fees is published on an annual basis in conjunction with the Insurance Compact's annual operating budget. There were no changes to the Schedule of Fees for 2022. As defined in §102 of the IIPRC Terms and Procedures for IIPRC Filing Fees, the Insurance Compact's fees apply per product and per company included in a submission. "Product" is defined to mean a policy or a contract, including any application, endorsement, or related form which is attached to and made part of the policy or contact, including any evidence of coverage or certificate for individual and group life, annuity, long-term care, and disability income products that an Insurer is authorized to issue. If a filing does not contain a policy, contract or certificate, it is considered to contain one product. The Insurance Compact filing fees are not required per form.
Member State Filing Fees is a chart detailing the state filing fee requirements for each individual state. This is information verified throughout the course of the year with each Compact state. If there are any updates to state filing fee, the updated information is distributed to all company filers via email and posted to the Insurance Compact website. The state filing fees do vary for Supporting Document Update (SDU) submissions and are documented in the Member State Supporting Documentation Update Fees chart may also be found in Appendix B of FIN 2017-1.
If you have any questions regarding filing fees or the Advanced Filing Fee Calculation Service, please reach out to the Insurance Compact Office.