Weekly Tip: Questions of the Day

 

Weekly Tips

Questions of the Day

5/21/2015

Are there still forms that your company is filing state-by-state rather than utilizing the Compact for those Compacting States?  Are there areas of your company that still question the benefits of filing through the Compact?  This weekly tip provides a series of questions that companies may want to evaluate when deciding to file a Compact-eligible product / form state-by-state rather than through the Compact.

If you have made multiple filings through the Compact, you can compare these answers to the experience with the preparation, submission, review and implementation of a Compact filing. By asking these five questions, you will likely demonstrate the tangible benefits across the spectrum of product development and deployment that accompany the decision to file with the Compact:

  1. How many different versions of one form must be prepared if filed state-by-state for the 44 Compacting States?
  2. How many submissions must be made if filed state-by-state and how many state reviews must be managed for the 44 Compacting States?
  3. How long does it take to get a product fully approved if filed state-by-state in the 44 Compacting States?
  4. How many variations must be programmed and tested to deploy all state-approved forms?
  5. How many deployments or roll-outs does it take to fully implement a state-filed form/product in the 44 Compacting States?

At a recent conference, one company shared the answers to these questions and the results were dramatic including 30+ state variations, over 70 filing submissions and between 5 to 10 separate roll-outs depending on the product – compared to filing with the Compact one set of forms in one submission for one comprehensive review and approval resulting in one roll-out. We can also help you with providing individual filing and turnaround statistics for your company with respect to filings submission made with the Compact and would be happy to work with you on questions regarding future filings.

If you have any questions about information contained in this Weekly Tip or the Insurance Compact, please contact us.