Weekly Tip: Did You Know?

 

Weekly Tips

Did You Know?

4/10/2013

Did you know…there are many factoids that we can highlight about the Insurance Compact.  Here are some all about the product filing statistics of the first quarter 2013.

Did you know that the Insurance Compact has approved over 1,990 products since June 2007?  There have been 182 products approved as of March 31st.   This equates to more than 6,400 transactions in SERFF for this year alone; and 58,720 since June 2007. There have been more than 650 forms submitted for review.  One filing submission contained 97 forms – a new record for most forms submitted in a single submission.

There have been almost 200 companies who have utilized the Insurance Compact since June 2007.  There are 142 companies registered to use the Insurance Compact this year.  In 2012, the Insurance Compact experienced a 98% retention rate over the previous year.  First-time filers account for 15% of the 2013 registered companies who have submitted filings; over 80% of these companies have submitted more than one submission.  

Approximately two-thirds of the product filing submissions received in 2013 have been under the life product line; annuities account for approximately 20% with long-term care at approximately 11%.   Whole life product submissions have been the most popular as they account for about 48% of the life product submissions.  Deferred non-variable annuities account for 34% of the annuity submissions. 

Are you interested to learn a little more about the first quarter and the statistics?  The statistics are published frequently throughout the year on the Regulator Resources page of the Insurance Compact website.   Do you have a suggestion as to a particular statistic that you would like to see?  Or a suggestion as to where on the Insurance Compact website the statistics should reside?  If so, please send us your suggestion by using the Suggestion Box on the Insurance Compact’s website.