Weekly Tip: Alphabet Soup

 

Weekly Tips

Alphabet Soup

4/16/2013

IIPRC, FINs, SOI, M&M, and TOI…what do all of these letters mean? This week’s Weekly Tip will help decode all of these alpha scrambles.

Starting with IIPRC. It stands for the “Interstate Insurance Product Regulation Commission” and is used interchangeably with Insurance Compact. ICC is another abbreviation that is commonly used for “Interstate Insurance Compact”. You are most familiar with ICC as a result of the product filing submissions and the form filing requirement established in the Uniform Standards. 

FINs are short for “Filing Information Notices”. These are notices issued by the IIPRC Office as guidance regarding the filing process or procedures for various types of filings or elements; or as clarification regarding the intent of a particular Uniform Standard.  The FINS may be found on the IIPRC’s website from the home page. Each FIN is numbered with the year in which it was issued and the sequence order of issuance. All filers are strongly encouraged to review the FINs page of the website before submitting a filing as another tool for easier filing compliance.

SOI and M&M go hand-in-hand. SOI is “Statement of Intent” which is a requirement for a M&M, or mix and match, filing. The Statement of Intent contains a certification and a listing of the information that is provided by a filing company regarding the components that the Compact-approved component will be used with once the filing has been approved. This SOI filing requirement is to assist the Member states with identifying and understanding what is intended to be sold in their state. 

TOI is the common reference for Types of Insurance found in SERFF based on the Uniform Product Coding Matrix. The IIPRC has a TOI Link found on the Insurance Company Resources page of the website to assist with aligning the Uniform Standards with the TOIs available for filing. We encourage filers to cross reference the Uniform Standards with the TOI link to understand the wide breadth of products available for filing with the Insurance Compact.

We hope that this brief alphabet tutorial helped. If you have any questions regarding any other alpha-based abbreviation of the IIPRC, please let us know.