Weekly Tip: Specifications Page Reminders

 

Weekly Tips

Specifications Page Reminders

9/18/2014

This week we are focusing our Weekly Tip on the filing of a specifications page with your Insurance Compact filing submission. The Uniform Standards address requirements for information that needs to appear on a specifications page.  These requirements are generally found under the General Form Requirements -- Section 2 of a Uniform Standard.

Additionally, the Uniform Standards limit most variability to the specifications page and require the Statement of Variability to provide reasonable and realistic ranges for the variable values and an explanation of variability for non-value items that appear on the specifications page.  As you are creating your product filing submission, remember to review what information needs to appear on the specifications page.  If you have a benefit feature that is under a separate Uniform Standard such as a Bonus or Market Value Adjustment, review the applicable requirements under each applicable Uniform Standard.  

The Insurance Compact allows filers to use a previously-approved specifications page (either Compact approved or in most cases, State approved) with Compact forms offering new benefit features. The filer must provide a specimen copy of the previously-approved specifications page, and the Statement of Variability must explain the variable items on the specifications page. A new specifications page may need to be added to the Form Schedule. A specimen copy of the specifications page and its accompanying Statement of Variability must be attached  under the Supporting Documentation Schedule. 

An objection will be issued if the filing simply references a previously-approved contract that the forms in the pending filing will be used with and the pending filing does not include the specifications page or specimen copy.  The Uniform Standards require specific information to appear on the specifications  page as it relates to certain benefits and/or features.  In order to verify compliance with the specifications page requirements, it must be included and the applicable information reviewed within the filing submission.  In some cases, it may not be permissible to utilize a state-approved specifications page with a Compact form. Each filing situation is different and if you have questions about how the specifications page requirements apply to your planned filing, please contact the Insurance Compact Office.  

If you have any questions about this weekly tip or the Insurance Compact, please contact the Insurance Compact Office. If you are interested in learning more tips and tools to make a more efficient filing with the Insurance Compact, sign up for our weekly webinar series.  More details may be found on the Event Calendar on the Insurance Compact’s website.