Weekly Tip: Group DI Available for Filing

 

Weekly Tips

 Group DI Available for Filing

6/9/2016

Today the Insurance Compact is very excited to announce that another product line is now available for filing - the Group Disability Income Uniform Standards (GDI Uniform Standards). The GDI Uniform Standards were adopted by the full Commission on February 24th, 2016. It is important to note that two states, Montana and Wyoming, have been granted a Stay of Effectiveness for the GDI Uniform Standards as they work to opt out of the GDI Uniform Standards, and therefore are not eligible for inclusion in a product filing. The GDI Uniform Standards apply to Employer Groups, as specified in the Scope of the Uniform Standards. This means that starting today, filers can make a single submission for a uniform GDI product to be deployed in 42 states!

Interested company filers can find the full suite of the GDI Uniform Standards, the amended Group Policyholder Application Uniform Standards on the Record and the corresponding checklists on the Record. Additionally, filers will find on the Insurer Resources page of the website a chart of state-specific information pertaining to limitations or exclusions for disabilities that result from mental health and substance abuse conditions as required per Section 7 Permissible Limitations or Exclusions in the Group Disability Income Insurance Policy and Certificate Uniform Standards for Employer Groups.

The Insurance Compact has created a Filing Information Notice (FIN) to explain the filing process for group disability income products. This FIN – FIN 2016-2: Group Disability Income Insurance Filings and Filing with Group Disability Income Products with Group Term Life Products – is also available on the Insurance Compact website. All filers are strongly encouraged to review the FIN along with the GDI Uniform Standards and the GDI State Reference Chart before submitting their product filings.

If you have any questions about the GDI Uniform Standards as you begin to create product filings, you may want to utilize the Pre-Filing Communication process to get your questions addressed. The Insurance Compact looks forward to reviewing your GDI product filing submission in the near future!