Weekly Tip: New Filing Fee Tool

 

Weekly Tips

New Filing Fee Tool

1/17/2013

The Insurance Compact made several changes to its fee structure for 2013 including creating a new fee category for companies with less than $50,000,000 in asset-based premium volume and simplifying the fees based on whether the filing submission requires an actuarial review based on the Uniform Standards.

The Insurance Compact uses the total premium volume reported on the Schedule T-Part 2 of the Annual Statement filed with the NAIC for the most-recent reporting year to verify the proper Annual Registration Fees. This is the number that is reported in "Total Premium Volume" (column 6) as reported on the Schedule T-Part 2 of the Annual Statement. An actuarial review is applicable when one or more of the Uniform Standards applicable to the product filing expressly contains actuarial submission requirements. We have created a tool - Uniform Standards without Actuarial Review - for clarification as to which Uniform Standards do not require an actuarial review. We would encourage you and your colleagues to use this tool to make sure that you have not overlooked the proper payment of the IIPRC filing fees. You can find this new tool on the IIPRC website, namely the Insurance Company Resources page under the Compact Fee Structure.

We would advise all filing companies - new and repeat-customers - to review the 2013 Compact Schedule of Fees that is currently posted on the Insurance Company Resources page of the website for more details, specifically the proper fees due. If you have any questions regarding the payment of the filing fees, please contact the Compact Office.