Weekly Tip: Double Check States

 

Weekly Tips

Double Check States

7/08/2015

One of the great benefits of being able to submit a Compact filing submission is the ability to include up to 44 states in a single submission that has forms that comply with a single set of Uniform Standards.  This week the Insurance Compact would like to remind all company filers that the responsibility lies with the company filers to include only the states in which the company is licensed to do business on each filing submission. Approval of a Compact submission applies to all states included in the submission, thus including a state where a filer is not licensed to do business could expose a company to regulatory action.

A company filer will first select the states to include on a filing during the fourth step when creating the filing submission.  This is the same time that the company filer selects the Filing Type for the submission.  The company will have to de-select the states that should not be included on the filing.  If the states are not deselected at this time, then all states are included in the filing.  During the fifth step, all company filers are presented a summary of the TOI and Sub-TOI, Filing Type, and the states included in the submission.  At this time, this is the last opportunity to remove states from the draft filing.  All company filers are strongly encouraged to carefully review the states included in the filing.  If there are errors, simply click “Previous” to return to Step Four and remove any states that should not be selected.  Once the filer has clicked “Save and Continue”, the filer is no longer able to change the states.  The seventh step allows companies who have made a multiple company submission to select the proper states for each company.  This is important if not all companies on the submission are licensed in every state on the submission. Although the filing is being made to the IIPRC, the filer must still indicate which companies apply to the selected participating states.  As in Step Four the participating states appear as options for selection, and the filer should select only those states in which each respective company is licensed. 

If you see an error with regard to the states included in the submission after you have moved past Step Five, please notify the Insurance Compact via Note to Reviewer and we can work together to address this error. 

If you are in doubt about a particular state, please do not include it in the filing submission.  Another benefit of filing with the Insurance Compact is the ability to add a state after submission. 

We hope that this Weekly Tip is helpful and will make your filing process more efficient to enhance your filing experience with the Insurance Compact.  If you have any questions regarding this Weekly Tip or the Insurance Compact, please contact the office.