Weekly Tip Recap - Top 5 from 2016
With more than 40 Weekly Tips issued last year, we wanted to provide a recap on a few as we wrap up 2016. In an unscientific manner, we determined the top 5 Weekly Tip topics to which the Insurance Compact team referred filers most often in 2016. Drumroll, please!
5. LTC Advertising Submission Process tip (May 5): At the suggestion of filers, we revamped how advertising material for LTC submissions can be submitted and reviewed. This tip provides detailed guidance supported by Appendix A of Filing Information Notice 2013-2. It is a must-read for all LTC filers.
4. Quality Control tips (July 7, 13, 22, 28, and August 11): We issued a series of five Weekly Tips addressing simple things filers can do to reduce objections before, during and after the product review. These tips would be an excellent New Year's refresher for filers at all levels of experience.
3. Annuity Rider Actuarial Requirements tips (April 21 and June 29): These tips were issued to provide actuarial pointers about newly amended Guaranteed Living Benefit and Market-Value Adjustment Uniform Standards. Avoid actuarial objections by sending these tips to your actuary before submitting GLB or MVA riders.
2. Accelerated Death Benefit Terminal Illness Requirement tip (January 13): The requirement that a Compact-approved terminal illness accelerated death benefit must be provided when such benefits under other types of qualifying events are provided has been a Uniform Standards requirement since Day 1, yet it continues to be overlooked. This tip discusses the requirement and how to satisfy it.
1. 2017 CSO Mortality Table tips (April 7 and September 15): Life insurance companies are in the midst of shifting many products to the 2017 Commissioners Standard Ordinary Mortality Table. We issued two Weekly Tips and Filing Information Notice 2016-1 providing guidance on how to update previously approved Insurance Compact products for this purpose.
About Weekly Tips ? they are sent via email to registered company filers on a weekly basis. The Weekly Tips are later posted to the Insurance Compact's website on a monthly basis in the Weekly Tip Archive. They can be searched and sorted by topic, product line and year. Have you ever noticed that toward the top of the Weekly Tip Archive page is a Weekly Tip Index of all published tips sorted by topic? The Insurance Compact Team would strongly encourage all filers to hop over to the Weekly Tip Archive and Index when developing product submissions to see if there are any tips available for a particular product.
If you have any questions about these Archive or previously issued Weekly Tips, please contact the Insurance Compact Office. We are always developing new tips, so if you have a suggestion, please send it using the Suggestion Box shown in the footer of the Insurance Compact Website.