Weekly Tip: SOI Consistency

 

Weekly Tips

SOI Consistency

7/13/2016

This week’s tip on maintaining consistency within a Statement of Intent is the second in a series intended to assist filers across all product lines with improving quality control of their IIPRC filing submissions. These tips present steps that a filer at any experience level can take to streamline the review process.

In 2012, the IIPRC initiated the Statement of Intent (“SOI”) Schedule Template as a way to minimize the amount of data entry and maximize consistency in the information made available on the SOI within product filing submissions. This template is readily available on the Insurer Resources page of the IIPRC Website, and is otherwise known as the Preformatted SOI Excel Spreadsheet. The IIPRC Review Team strongly encourages all filers who are employing Mix and Match with their filing submission to take the time to complete the template thoroughly and upload it into each applicable filing submission.

If you are unfamiliar with the use of templates within SERFF, a template is a way of storing schedule information used in multiple SERFF filings. Once imported into a filing, the information from the template can be edited like any other information in a filing. The Preformatted SOI Excel Spreadsheet can be completed in Excel, uploaded into SERFF and saved as a template, then exported, edited and used in multiple IIPRC filings over time.

Filers will find that one of the biggest benefits of the template is the ability to use it with similar product filing submissions that will include the same State Product Components. By completing the template and including it in product filing submissions, company filers will increase consistency, reduce data entry errors, and reduce the amount of follow-up from states regarding the forms cited.

Did you know that the Preformatted SOI Excel Spreadsheet can be used across filings even if they include different Compacting States? A template created using the Spreadsheet is “smart,” meaning it imports items only for the states included in a given filing. This, and other helpful details, can be found in the Step-by-Step Directions for completing the template on the Insurer Resources page of the IIPRC Website.

If you have any questions about using the template or this Weekly Tip, please contact the IIPRC Office at Comments@insurancecompact.org.