Weekly Tip: Format of Applications

 

Weekly Tips

Format of Applications

2/07/2015

With this week's tip we begin a series of tips covering commonly-issued objections. Surprisingly, we often find that more objections are issued for basic procedural and Uniform Standards requirements than for complex actuarial or product design concerns. Our collection of commonly-issued objections is more anecdotal than statistical, but we are hopeful that increased awareness of issues that are easy to address will pay off in the form of fewer objections and faster dispositions for many, if not most, filing companies.

One of the most frequent objections issued is based on the requirement that application fillings include a statement of how the application will be used--paper, electronic, telephonic or a combination of formats. This requirement is common to the Uniform Standards for applications across all lines of business as a General Submission Requirement and filers are required to satisfy with a descriptive statement in the Filing Description. Follow-up requirements apply for electronic and telephonic uses. When making your next submission that includes an application, please verify that this submission requirement is addressed in the Filing Description section of the General Information tab.

Staying mindful of this filing requirement will reduce the number of objections during your filing's review. Using the checklists for the applicable Uniform Standard(s) found on the Record along with the Best Practices Checklist found on the Company Resources web page will help remind you of this application submission requirement each time.

If you have any questions about IIPRC submission requirements, please contact the IIPRC Office.