Weekly Tip: Avoiding Filing Fee Objections

 

Weekly Tips

Avoiding Filing Fee Objections

4/22/2014

In this week's Weekly Tip we are going to explore useful information to help avoid receiving some of the more common Filing Fee objections. Keeping these items in mind will make your filing process smoother.

The majority of the Compacting States do have a fee in one form or another - either a flat fee, a per form fee, and/or a retaliatory fee. The Insurance Compact has a very handy tool found on the Insurance Company Resources page of the website. This chart was created as a tool to assist with the state filing fee requirements and has been verified with the Compacting States.  Rhode Island and Mississippi are states for which common objections are issued. For Rhode Island if you are submitting forms separate from a policy you will need to multiply the number of policies that those forms will be used with by $25 for the appropriate fee due to Rhode Island.  For Mississippi don't forget to include the $1 state government EFT fee and please note that this $1 EFT fee is per SERFF transaction.  Also remember when calculating your state fees to pay attention to those states who require either their state fee or the retaliatory fee (if higher) to be paid.  Those states are: Alabama, Georgia, Indiana, Kentucky, Oklahoma, Rhode Island, and Vermont.

The Insurance Compact filing fee is based on a company's asset-based premium volume as defined in Section 102 on the Schedule of Fees posted on the Insurance Compact website, namely the Insurance Company Resources page, and also whether an actuarial review is applicable which is when one or more of the Uniform Standards applicable to the product filing expressly contains actuarial submission requirements. Filers can find a list of Uniform Standards that do not require actuarial submission requirements next to the Schedule of Fees on the Insurance Company Resources page. Please also keep in mind that the IIPRC filing fee is per product and per company.

The Insurance Compact has an amended filing fee that is required if a filing needs to be amended to update or correct any component of a Product Filing that has already been closed with a filing disposition of approved. Any reopened filing that meets the requirements for an amended fee will require 50% of the original Insurance Compact Filing Fee to reopen and amend as defined in our Filing Fee Rule. Please make careful note that if you are making updates to reflect changes to the Statement of Intent Schedule, or fixing a typographical error no fees are due. Add a State updates and adding foreign translations also do not require a payment of the amended filing fee.

The Insurance Compact filing process for Long-Term Care Advertising filings provides for each individual long-term care product filing to have one separate, unique filing which contains all the advertising material to be used or associated with that product filing. This means that if you are adding new advertising forms to the existing filing that even though it is termed "reopened" that it is treated as a new filing and due the appropriate Compact filing fee.  Please refer to the IIPRC Terms and Procedures for IIPRC Filing Fees to help you make sure that you are properly submitting the required fee.

If you have any questions regarding the Insurance Compact and this Weekly Tip, please contact the Insurance Compact office.