Weekly Tip: State Statuses & What They Mean

 

Weekly Tips

State Statuses & What They Mean

6/24/2014

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.

Preliminary Check Completed is used once the assigned Primary Reviewer has completed a quick review of your filing submission. During this Preliminary Check, the Reviewer is looking to make sure that some of the key submission requirements have been satisfied. They are 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 product filing review - i.e. the product filing is out of scope of the Uniform Standards or the Submission Requirements have not all been met.

Actuarial Review Completed is used once the Actuary has completed the review of the actuarial aspects. The form review is done separate from the actuarial review in product filings submitted to the Insurance Compact. So this particular status is very handy for the Form Reviewers as this provides them with an update as well.

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 a thorough and complete review.

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.