Weekly Tip: Filing Fees

 

Weekly Tips

Filing Fees

11/26/2012

One of the unique submission requirements for the Insurance Compact is the payment of all the filing fees at the time of submission. This week's Weekly Tip will help you make sure that you are properly submitting the required fees.

Remember, the first fee that is required is the Registration Fee. Each company will need to be registered with the Insurance Compact prior to making any submission. More information about the Compact's fees and the Compact's Filing Fee Rule can all be found on the Insurance Company Resources page of the website.

The majority of the Compact States do have a fee in one form or another - either a flat fee, a per form fee, and/or a retaliatory fee. Please note that if a state normally bills in arrears, the fees are due at the time of submission; you will not receive a bill from these states for Insurance Compact filing submissions. The Insurance Compact has a very handy tool found on the Insurance Company Resources page of the website. This chart was created as a tool to assist with the state filing fee requirements and has been verified with the Compact States. Occasionally, this form will be updated and all updates are published via email. As you work on your product filing submission, please review this chart to make sure that you are submitting the correct amount of fees for the states. Remember that the Product Filing Rule stipulates that all fees be paid at the time of submission and a filing may not be approved until all fees have been properly paid. All Compact States accept electronic funds transfer (EFT) payments through the Compact.

One of the speed-to-market benefits of filing through the Compact is the ability to make a multiple company submission. If you are submitting a multiple company submission, please remember that the fees are due for each company included in the filing as if it were a single company submission. There are a handful of states, due to their unique EFT set-up, that require a single-lump sum payment which is inclusive of all companies included in the filing. These states are: Kentucky, Maryland, Nevada, New Mexico, Oklahoma, and Tennessee. When paying the state fees for these states, please make it for the grand total due to the state for all the companies included in the filing.

The IIPRC has an amended filing fee that is required if a filing needs to be amended to update or correct any component of a Product Filing that has already been closed with a filing disposition of approved. If you are making updates to reflect changes to the Statement of Intent Schedule, or fixing a typographical error no fees are due. Add a State updates also do not require a payment of the amended filing fee.

When you are completing the Filing Fee Schedule, we would advise that you ignore the word "overall" that appears in the box for the Insurance Compact filing fees. This word "overall" is related to all of the fees due for each state instance as you will see moving down the states on the Tab. Please do not submit the total amount of filing fees due for the submission only the filing fees due to each state or the Insurance Compact should appear in the individual boxes. If you enter the total amount due for the whole filing, you will be paying the fees twice.

If you have any questions regarding the payment of the filing fees, please do not hesitate to contact the IIPRC Office.