Weekly Tip: Application Process FAQ

 

Weekly Tips

Application Process FAQ

12/08/2016

Applications are the form most commonly submitted for review and approval to the Insurance Compact. Approximately half of the submissions made this year include an application, and we receive a number of questions about application submissions. This week, we will address a few of the more commonly asked questions about processes related to application submissions.

Q: Does the Insurance Compact require screenshots?

A: Not if the application questions and the answer format are the same across versions. If drop-down choices in electronic format vary from paper choices, they should be attached to Supporting Documentation.

Q: Does the Insurance Compact require wet signature following telephonic or electronic application?

A: No. The Uniform Standards call for the company's signature verification process to be described. A paragraph is sufficient. As an example, see Section 1A(10) of the Individual Life Insurance Application Standards, which states: "For electronic and telephonic uses, the company shall describe the procedures that will be used to verify the authenticity of the transaction."

Q: How does the company filer update an approved filing to reflect the use of an additional format?

A: If the filing was approved for paper use only, an amendment is required to update compliance with the Application Use submission requirement. Be sure to include the fee for an amended filing. If the filing was already approved for electronic/telephonic use and only the process is changing, a Note to Reviewer with the updated Application Use description can be submitted. If the filer wishes to submit an amendment letter with the updated description, the filing must be reopened first.

Q: Do reflexive questions need to be filed for approval?

A: Yes. Section 1A(5) of the Individual Life Insurance Application Standards provides, "The filing shall include all the sections and questions that may be required to be completed by an applicant, including additional drop downs, scripts, questions, questionnaires or supplements that would be required if the applicant answers questions in a certain way, such as a "yes" response." This provision is common across all Uniform Standards for applications.

Q: Can reflexive questions be revised without re-filing?

A: No. Revisions to reflexive questions are subject to prior approval per Section 1A(5). If reflexive questions are attached to the filing as supporting documentation, revisions to reflexive questions can be submitted without re-filing the Form Schedule items for review.

If you have any other questions about the applications, please let us know. For more specific product development questions, please use the Pre-Filing Communication Form found on the Insurer Resources page of the IIPRC Website.