Weekly Tip: Ready for Montana?


Weekly Tips

Ready for Montana?


Beginning on Tuesday, October 15th, Montana will be an effective member for filing and you can add Montana to your life and annuity filing submissions.  With the inclusion of Montana, the Insurance Compact is now accepting life and annuity filings for 43 jurisdictions, long-term care for 39 jurisdictions, and for disability income 42 jurisdictions.  Montana has opted out of both long-term care and disability income filings.  Montana’s constitutional equal protection requirement prohibits discrimination solely on the basis of sex or marital status in the issuance of any type of insurance policy, plan, or coverage.  Therefore, life and annuity submissions that include Montana must be able to be issued on a unisex basis. 

On Tuesday, October 1st, the Insurance Compact issued a Filing Information Notice (FIN 2013-3) detailing how you can add Montana to your already-approved or submitted product filing submissions.  FIN 2013-3 has been posted to the Insurance Compact’s website as well.  We strongly advise that you review this FIN and contact the Insurance Compact office if you have any questions about the process.  Please pay special attention to the circumstances in which a filer can add Montana to an already-approved Insurance Compact life or annuity filing.  

In preparing for Montana’s participation, we have also updated the Insurance Compact’s submission requirements for all life and annuity product filings.  Annuity filers are now required to comply with a new submission requirement.  The Submission Requirement requires that filers state whether the policy is sex-distinct or unisex; and if Montana has been included in the filing, the filer is asked to confirm that the company will issue the forms in the filing to Montana residents on a unisex basis only, and will not issue on a sex-distinct basis.  If the language of the Submission Requirement looks familiar to the life filers, it is because it is the same language just updated for submissions where Montana is included. 

Remember that the step-by-step instructions for adding a state to an already-approved filing may be found on the Insurance Company Resources page of the website.  To make your process move faster, remember that a Note to Reviewer is not required to re-open the filing if there is no mix and match involved.  Simply click on the “Add State” button and follow the steps. 

If you have any questions regarding this Weekly Tip or the Insurance Compact, please contact the Office.