Weekly Tip: New Submission Requirement for Application Filings

 

Weekly Tips

New Submission Requirement for Application Filings

8/08/2014

You may have noticed a few changes with regard to Submission Requirements in the last week.  The Insurance Compact has initiated a new Submission Requirement under Supporting Documentation for all application filing submissions. 

The new Submission Requirement for application filings (i.e. Application/Rider and Endorsements, Policy Forms/Application, and Policy Forms/Application/Riders and Endorsements) was implemented to address the Submission Requirement found in Section 1 A.(10) of all of the individual application Uniform Standards for all individual products and Section 1 A.(8) for the group application Uniform Standards: “[a] statement of how the application will be used, such as paper, electronic, and/or telephonic”. You will notice that the language in the SERFF Submission Requirement is the exact same language from the application Uniform Standards for all product lines. 

The new Submission Requirement is intended to make the filing process more efficient for both the company filer and the reviewer.  The Submission Requirement is intended to reduce the number of objections issued for these particular filing types.

We hope that this Weekly Tip will improve your filing experience with the Insurance Compact.  If you have any questions regarding this Weekly Tip or filing in general, please contact the Insurance Compact.