Weekly Tip: Annual Meeting Recap

 

Weekly Tips

Annual Meeting Recap

11/30/17

The Insurance Compact held its Annual Meeting on Monday, November 27th via teleconference. In this Weekly Tip we will share some key takeaways from the meeting, including the changes that were made to the Filing Fee Rule and the Schedule of Fees, and recent additions to the Industry Advisory Committee.

During the Annual Meeting, the Commission adopted changes to the Terms and Procedures for IIPRC Filing Fees (Filing Fee Rule). Most importantly, the date on which the Compact will begin to prorate the Annual Registration Fee has moved from July 1 to October 1. This change takes effect for 2018 annual registrations. The amended Filing Fee Rule is available on the Insurance Compact’s online Rulemaking Record.

The Commission also adopted the 2018 Filing Fee Schedule in conjunction with the 2018 Annual Budget, which includes increases to a few fee categories. The fee for product filing submissions requiring an actuarial review for filing companies with less than $50 million in asset-based premium volume has increased to $625, which is 50% of the fee for filing companies with greater than $50 million in asset-based premium volume, while the fees for submissions permitted for Self-Certification has increased to $100.

Finally, the Insurance Compact would like to welcome Mutual of Omaha Insurance Company to the Industry Advisory Committee. Mutual of Omaha was selected by the Commission to replace Northwestern Mutual Life Insurance Company, whose two-year term expired this year. New appointments were also made to the Insurance Compact’s Management Committee, and the Commissioners from Ohio, Rhode Island, and Idaho were elected to serve as Commission Chair, Vice Chair, and Treasurer, respectively.

If you have any questions about this Weekly Tip, or about the Insurance Compact in general, please contact the Insurance Compact Office.