Weekly Tip: Including States on Insurance Compact Product Filings

 

Weekly Tips

Including States on Insurance Compact Product Filings

11/08/2012

Probably one of the best benefits of utilizing the Insurance Compact is the ability to include all 41 Compact jurisdictions or a variation of these jurisdictions in one product filing. Another of the many benefits of using the Insurance Compact is the ability to make a single filing which includes multiple companies as well as multiple policies. Here are some best practices and tips for all filings, including multiple companies and multiple product filings, pertaining to the addition of the Compact jurisdictions at the time of submission and post-submission.

First, when preparing your filing for submission, remember that the filing type selected will be applied to ALL Compacting States (this is Step 4 in the Filing Wizard). Therefore, if you do not wish the filing to include all Compacting States, you need to deselect the states you do not wish to include.

Remember to include only those Compacting States in which the company(ies) on the filing is authorized to do business for the product line(s) being submitted. The IIPRC Office and SERFF do not verify that the filer is authorized to transact business with the Compacting State for the applicable lines of authority so it is incumbent upon the filer to only select jurisdictions where they have the appropriate licensing and line(s) of authority. A Compacting State may follow up with the filer if they do not have the proper licensing or lines of authority for the Compact product submission. The filer will need to contact the IIPRC Office to request that the SERFF Team remove a Compacting State from a Compact product filing. This may cause a delay in getting your product to market as planned. If you do mistakenly include a state in your filing, please send us a note to reviewer to request that the state be removed from the filing.

Second, remember that all forms included in your filing will be applied to all of the companies named on the Compact filing and reviewed and approved for all of the Compacting States selected on the Compact filing. If one or more forms are to be used for only one company, a separate Compact filing that will include only that particular company and only applicable states should be made for those forms. Similarly, if one or more of the forms will not be used in all Compacting States included in the Compact filing, then a separate submission should be made for those forms and the applicable states.

Once the product filing has been approved you may wish to update it. Once again, remember all updates, apply to all companies in all Compacting States. If you wish to make product modifications that will apply to only some of the forms, Compacting States or companies, this should be done by making a separate Compact filing.

If you wish to add Compacting States to the filing, these will also be added for all companies and forms on the filing. Also note that the drop down menu of Compacting States for the "Add a State" feature of Compact filings will not include Compacting States already included in the filing. Therefore if you wish to update the product filing to recognize additional company licenses, a new filing should be made.

Please contact the IIPRC Office if you have any questions regarding this notice by sending an e-mail to comments@insurancecompact.org or calling (202) 471-3962.