Weekly Tip: LTC Advertisements for Multiple Products

 

Weekly Tips

LTC Advertisements for Multiple Products

1/26/2017

Do you have a Compact-approved long-term care product and plan to file another LTC product with the Compact? If so, you will want to keep the following Weekly Tip in mind when creating your new product and filing the applicable advertising forms for review and approval, especially if you want to update previously approved advertisements to include the new product's information.

Each new product should have its own advertising filing, per Section B1 of Filing Information Notice 2013-2. If a previously approved advertisement is being revised to add the new product's information, for example, to include a reference to the new product name, the revised advertisement should be submitted only in the new product's advertising filing. Section 1A(5)(a) of the Standards for Individual Long-Term Care Insurance Advertising Material require that if the "advertising material is for use with more than one policy previously approved by the Interstate Insurance Product Regulation Commission, [the filer shall] include a listing of all such policy form numbers and their respective approval dates and approval record identifiers as appropriate."

Section 1A(1) of the Uniform Standards require revisions to a previously approved form to be highlighted. For advertising filings, our preference is to receive a redlined version of the approved form showing the changes being made. Please note that the revised form should be submitted on the Form Schedule tab of the new adverting filing and the redline should be submitted on the Supporting Documentation tab of the new advertising filing. The revised form and supporting material should not be submitted in the original advertising filing, only in the advertising filing created for the newly approved product. All products with which an advertisement will be used must be listed in the associated filings in the new advertising material submission.

If you have any questions about this Weekly Tip or the IIPRC, please contact the IIPRC Office at Comments@insurancecompact.org.