Weekly Tip: State Status

 

Weekly Tips

State Status

8/06/2015

Preliminary Check Completed. Actuarial Review Completed... you may be curious as to what these all mean. This week we thought that we would provide an update as to what some of the State Statuses mean for product filings submitted with the Insurance Compact. State Statuses are shown in the Filing at a Glance section of your submitted filing immediately under the “State Tr Num” field.

Preliminary Check Completed is used once the assigned Primary Form Reviewer has completed a high-level initial review of your filing submission. During this Preliminary Check, the Primary Form Reviewer is looking to make sure that key submission requirements have been satisfied and there are no barriers to proceeding with detailed review when the filing later comes up in the queue. The Primary Form Reviewer is also looking to make sure that the product filing submission is within scope of the identified Uniform Standards. This quick review was implemented as a way to find any errors that could be addressed quickly as to not impede the thorough product filing review against the applicable Uniform Standards - i.e. the product filing is out of scope of the Uniform Standards or key submission requirements such as providing a Statement of Variability or Actuarial Memorandum have not been met.

Primary Review Completed is used to indicate that the Primary Form Reviewer has completed the review of the form submission requirements in the applicable Uniform Standards.  This status indicates that the forms and supporting documentation have been reviewed for compliance with the non-actuarial requirements of the Uniform Standards and other filing submission requirements.  While primary review is ongoing, the state status may be changed multiple times between Pending Industry Response and Pending State Action as well as other applicable statuses such as Agreed Written Extension.  Each of these statuses is intended to identify the various points in the correspondence process between the Reviewer and company filer. If the primary review has been completed before the actuarial review, the state status may show as Awaiting Actuarial Review.

Actuarial Review Completed is used once the assigned Actuary has completed the review of the actuarial submission requirements. The detailed form review is performed separate from the actuarial review in product filings submitted to the Insurance Compact. So this particular status is very handy for the Primary Form Reviewers as this provides them with an update as well. Your filing may not be updated to show Actuarial Review Completed, either because actuarial review is not required or the Actuary and Form Reviewer are coordinating their review such that the correspondence for form and actuarial compliance are simultaneous. 

Awaiting Secondary Review means that your filing is almost complete with the filing review. All product filing submissions receive a Secondary Review upon the completion of the Form and Actuarial Reviews prior to the final disposition. The purpose of this review is to make sure that the best practices were implemented for the review and that the review was thorough, complete and consistent with the high expectations of Compact Member States and filers. You may momentarily see the Secondary Review Complete status before the Primary Form Reviewer issues the disposition and closes the filing.

We hope that you find this information to be useful and helps you understand the review process with the Insurance Compact a little more. If you have any questions regarding this particular Weekly Tip or the Insurance Compact, please contact the Insurance Compact office.