Weekly Tip: A Smooth Transition into 2017

 

Weekly Tips

A Smooth Transition into 2017

1/04/2017

In this week's Weekly Tip, the Insurance Compact would like to apprise all company filers of a few housekeeping items as we start the year.

First, the Insurance Compact is currently accepting Annual Registration submissions for 2017. As noted in the Terms and Procedures for IIPRC Filing Fees, the Insurance Compact Annual Registration Fee is due on an annual basis. In order to ensure a smooth transition and maintain the same level of access to the Insurance Compact's one-stop filing platform and resources, it is strongly suggested that all filers register at the start of the calendar year. More information regarding the required Annual Registration Fee for companies may be found on the Schedule of Fees, located on the Insurer Resources page of the Insurance Compact Website. If you have any questions about the Schedule of Fees or your company's asset-based premium volume for purposes of Insurance Compact fees, please contact the IIPRC Office before making your submission.

Second, as a reminder, form numbers must reflect the year in which they were submitted for review. Therefore, forms that are being submitted for review must now use an ICC17 prefix. Compact requirements for form numbers are clear, consistent and found in the same location in all of the Uniform Standards, including those for Long-Term Care advertising. Please see the Cover Page provision of the applicable Uniform Standards.

Filers continue to receive tremendous value though preparing and submitting one filing for one review and approval under detailed Uniform Standards, especially including the post-approval benefits of testing and deploying uniform product forms in up to 44 Compacting States – soon to be 45 in July. The Insurance Compact's reviewer resources not only deliver speed-to-market in review times, but are also available to filers both before and after product submission to provide guidance. Many valuable tools and resources are available on the Insurance Compact Website to ensure your submission is as compliant as possible, which directly affects the time in the Compact's review operations.

We look forward to working with everyone in this New Year! If you have any questions about registering with the Compact or about this Weekly Tip, please contact the IIPRC Office.