Weekly Tip: Record Breaking Year

 

Weekly Tips

Record Breaking Year

1/28/2015

Thanks to all of you, the Insurance Compact had yet another record breaking year! 

In 2014, the Insurance Compact saw 198 companies register and utilize the speed-to-market platform that the Insurance Compact has to offer.  This is about five times as many companies as were registered in 2008, the first year the Registration Fee was required.  The Insurance Compact received 999 product filing submissions with individual life submissions accounting for approximately 60% of the submissions.  Annuities were approximately 30% with long-term care insurance products accounting for 7% and disability income at 2%.  The Insurance Compact approved 876 products in an average of 27 days  - 14% more than were approved in 2013. These equate to over 26,000 SERFF transactions! 

The Insurance Compact will be adding new reviewer resources in the immediate future.  Two new full-time positions - a product form reviewer and an actuarial reviewer both with 5 - 7 years for product filing and/or review experience - were just posted under News and Announcements on the Insurance Compact homepage.

More statistical information about 2014 is available on the Insurance Compact's website, namely the homepage.  If you have any questions, please contact the Insurance Compact Office.