Weekly Tip: 2015 Actuarial Submission Requirements

 

Weekly Tips

2015 Actuarial Submission Requirements

12/03/2015

As you prepare to submit product filing submissions before the end of the year, we wanted to remind you of a few things that are sometimes overlooked – namely the Actuarial Submission Requirements.

As with any filing submission, the company actuaries will want to carefully review all of the provisions within all the applicable Uniform Standards as actuarial requirements are included throughout the Uniform Standards. Occasionally companies will file a “boilerplate” actuarial memorandum with their filing submission. The Insurance Compact’s Uniform Standards are very specific as to what information needs to be included in the actuarial memorandum. If a boilerplate actuarial memorandum is submitted, an objection will be issued requesting that the actuarial submission requirements be satisfied, delaying the review process and therefore not making your filing submission experience as efficient as it could be. Please have the company actuary review the Actuarial Submission Requirements found in Section 1 as well as the appendices of the applicable IIPRC Uniform Standards for specific formulas to be used in satisfying the submission requirements.

Additionally, the company actuary should review the Statement of Variability to make sure that all required variable items included in the actuarial memorandum are consistent with the Statement of Variability. For life and annuity submissions, the actuarial memorandum should be included under the Actuarial Submission Requirement under Supporting Documentation. For the long-term care and disability income submissions, the information should be submitted under the Rate/Rule Schedule tab.

And most importantly, please remember to have the actuarial memorandum and certifications signed before submitting in the product filing submission.

Please note that not all of the IIPRC Uniform Standards require the submission of an actuarial memorandum. For a list of Uniform Standards which do not require the submission of actuarial documents, please refer to the list on the IIPRC website. If you submit a memo and one is not required, you will be asked to remove the memo from the filing.

If you have any questions regarding the Actuarial Submission Requirements or the Insurance Compact, please contact the IIPRC office.