Weekly Tip: How to Address Informational Filings

 

Weekly Tips

How to Address Informational Filings

6/18/2015

Did you know that the Insurance Compact does not accept informational filings?  Filings without a form subject to any of the Uniform Standards in effect should not be submitted to the Insurance Compact.  These would include any changes to the supporting information in approved filings such as company addresses or other company contact information.  Many times the updated information that would otherwise be filed as an informational filing if filed with state insurance departments is done by way of the reopened filing process for Compact-approved filings which allows all relevant information for that filing to be in one, readily-accessible location.

The policy Uniform Standards specifically state that if the company address is marked as variable in the approved filing, then the address may be changed without notice or prior approval.  This may be found in the Variability of Information provision, for example Section 1C(6) of the Individual Flexible Premium Adjustable Life Insurance Policy Standards provides:

“Notwithstanding Paragraph (1) above, items such as the insurance department address and telephone number, company address and telephone number, officer titles, and signatures of officers located in other areas of the policy may be denoted as variable and changed without notice or prior approval.” 

The Insurance Compact Team would strongly recommend that the company address is made variable on all filings in order to be efficient should the company address change.

Should you have not marked your address variable on your Compact-approved forms and the company address is changing, a new submission is not required.  Please enter a Note to Reviewer for all filing submissions requesting to have the filings reopened so that the company address could be updated.  As this is a ministerial matter, the filling will be reopened, reviewed, and quickly closed. 

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.