Weekly Tip: Filing Fee Reminder

 

Weekly Tips

 Filing Fee Reminder

2/11/2016

In November 2015, the Insurance Compact approved a filing fee increase that became effective on January 1, 2016. We have noticed several filings that are not using the most current filing fee schedule and wish to remind you that these fees have increased in order to stay responsive to our growing operational resources where we have added new reviewers.  This approved filing fee increase is in most cases, approximately 25% increase of the previous filing fees which has been unchanged since 2012.  The annual registration fees are not affected by this change.

Below is a chart showing the applicable filing fees depending on the type of filing and the premium-volume size or regional nature of the company.  The fee is higher when an actuarial review, in addition to the form review, is required by the applicable Uniform Standards and lower for companies which reported an annual premium volume less than $50 million on the Schedule T Part 2 of the Annual Statement or are licensed to do business in 12 or less Compacting States.

 

 

Companies with More
than $50,000,000
Asset-Based Premium
Volume

Companies with Less
than $50,000,000
Asset-Based Premium
Volume

Product Filing Submissions Requiring Actuarial Reviewiii

$1,250

$600

Product Filing Submissions Without Actuarial Review

$600

$300

Regional Filer

50% of applicable filing fee

 

 

 

Other Filing Fees

 

 

Forms Permitted for Self-Certification

$50

 

Annual Certification of Rates

$500

 

Amendments to Product Filing Submissions

50% of current IIPRC Filing Fee to reopen and
amend as defined in our Filing Fee Rule

 

The filing fees required for amended filings are 50% of the current fees.  Speaking of amended filings, we want to remind filers that should you need to amend your filing, there are a few points to keep in mind.  First, the company must be registered with the Insurance Compact.  The company may elect to register at the Update-Only level to make amendments.  However, the company will be submitting new product filing submissions over the course of the year, the full registration is required. The only changes that may be made to an approved filing without submitting an amended filing fee are: (1) to correct a typographical or formatting error, (2) add a state, or (3) update the Statement of Intent.  If the amendment is something that is outside any of these, then a filing fee will be required.  Changes to approved forms that have been issued will always require a new filing. Company filers will need to submit a detailed Note to Reviewer requesting that the filing be reopened and the reasons for the amendment(s). In certain cases, the IIPRC Office may advise that a new filing, rather than an amended filing, is necessary. To make this process most efficient, please submit this request once you are ready to proceed with your amendments.

If you have any questions regarding the updated filing fees or the Insurance Compact, please contact the IIPRC office.