Weekly Tip: A More Efficient Life Filing Submission

 

Weekly Tips

A More Efficient Life Filing Submission

5/29/2013

Do you want to know a few tips to help make your Insurance Compact individual life product filing submission more efficient? In this week's Weekly Tip we highlight a few points to keep in mind as you create your life product filing. The number one key to a more efficient filing is to make sure that you have done all of your research and review all applicable Uniform Standards as well as any Filing Information Notices (FINS) that may have been published.

Make sure that you are reviewing all provisions within the Uniform Standards as you begin your development. There are some nonforfeiture demonstrations and actuarial certifications in the Appendices of the Uniform Standards. And speaking of actuarial requirements, did you know that some of the Uniform Standards for the additional life benefit features do not require an actuarial memo to be submitted? There is a list of the Uniform Standards that do not have actuarial requirements found on the Insurance Company Resources page of the website - Uniform Standards without Actuarial Review.

There are a handful of FINS that are relevant to life product filing submissions. The most recent ones are FIN 2012-4: ULSG Filings Subject to AG38 and FIN 2012-3: Change in Interest Rates for Nonforfeiture Values. If you have updates to make to your life portfolio regarding these two particular issues, you will want to review these specific FINS. If you are making a combination product filing - one that specifically has a life component with a long-term care component - you will want to review FIN 2012-3: Process for filing LTC Riders for use with Life Product. The other FINS that are relevant to life product filing submissions are FIN 2011-1: Individual Variable Life and Annuity and Modified Guaranty Annuity Filings and FIN 2009-1: ROP Riders Cannot be Mixed and Matched with Washington-approved Policies.

Want to learn more tips to make your life product filing submission smoother, it is not too late to sign up and participate in our webinar on Thursday, May 30th at 2 pm ET / 1 pm CT / 12 pm MT / 11 am PT. More information may be found on the Event Calendar located on the Insurance Compact website.