Weekly Tip: How to avoid common objections


Weekly Tips

 How to avoid common objections


In this week's Weekly Tip we are going to explore useful tips to help avoid receiving some of the more common objections.  Keeping these items in mind will make your filing process smoother.

Please make sure that the forms and documents you are attaching are in PDF format and are searchable instead of scanned.  If you are using the actuarial template available on our website, please convert it to a PDF document before submitting.  The review moves faster if the PDF document is attached and can be searched. 

General Information tab.  This is where you will want to enter all of the information about the forms in the filing that you would include on your Cover Letter.  This information should include, but is not limited to:   the target market, issue ages, whether the forms replace already approved forms, purpose of or benefits provided by the forms.  The Filing Description is to serve as your Cover Letter.  Do not submit a separate document as your Cover Letter under Supporting Documents. 

Form Schedule.  Each form should be listed under its own individual line.  Do not submit multiple forms on a single line.  Something else to keep in mind with regards to the forms, please make sure that your form numbers are consistent with what is listed on the Form Schedule and the form itself.  Remember that the documents that are attached to the Form Schedule are to be reviewed and approved by the Insurance Compact.  If you have a document that is related to the filing that you are submitting for informational purposes, it should be submitted under Supporting Documentation. 

Supporting Document tab.  This is the tab in which you will satisfy the Submission Requirements.  For filings that require an actuarial memorandum, please submit all relevant documents under this Submission Requirement (for long-term care and disability income filings, use the Rate/Rule Schedule tab).  This would include the signed Certifications and the memorandum.  Also, submitted under this tab is the Statement of Variability.  Please make sure that it includes a signed variability certification and is consistent with the forms and actuarial materials submitted in the filing. 

Statement of Intent (SOI)  tab.  The information under this tab should be completed to the fullest extent if you are submitting a filing submission using the mix and match process.  Several enhancements have been implemented this past year to make the completion of the SOI as smooth and easy as possible - including automatic upload of information on an Excel template before and after a filing has been submitted.   Make sure that you have the Certification signed and dated by an Officer of the company.  Do not list previously-approved Compact forms on the SOI.  Rather, the Filing Description under the General Information tab should identify the previously-approved Compact forms being used with the submitted filing by SERFF Tracking Number, Compact Tracking Number and/or form number.

If you have any questions regarding the Insurance Compact and this Weekly Tip, please contact the Insurance Compact office.