Weekly Tip: Target Approval Dates

 

Weekly Tips

Target Approval Dates

9/10/2015

What a great feeling to open your message center and see an approval disposition from the Insurance Compact Office as that means your product filing is now approved in up to 44 Compacting States. In this week's tip, the Insurance Compact Office wanted to point out a few things that can be done to assist with meeting targeted implementation dates.  Occasionally we are contacted about pending filings where the company's launch date or implementation date is imminent. Sometimes this contact is the first communication we have from the company about their target approval date. There are other steps you can take to ensure that the Insurance Compact Review Team is aware of and can accommodate your request before it becomes an emergency.

First, if there is a specific date that has been set internally when you need approval of the submitted forms, please include this information in the Implementation Date Requested field and/or in the Filing Description. Both of these areas are on the General Information tab in your product filing submission.  Whether your company uses the term implementation date, launch date, or target approval date, telling us when you expect or need the forms approved helps the Insurance Compact Review Team understand and work with the company on managing the company goals.  If you notify us upon submission that you request approval in less than 60 days, you will be reminded that the Operating Procedure for the Review and Approval of Product Filings affords a 60-business-day time frame for the review and correspondence process.

Additionally, the more compliant the product filing submission is with the Uniform Standards, the faster the review process will take place.  A company is welcome to touch base with the Insurance Compact Review Team in advance of making a filing to discuss questions regarding the Uniform Standards or filing requirements.  A pre-filing communication form can be found on the Insurance Company Resources page to facilitate this communication.  Companies are also encouraged to reference the applicable checklists for each of the Uniform Standards required for the product filing submission.  These checklists can be found on the Record right next to each applicable Uniform Standard.  Use of the checklists will help limit the need for any back-and-forth that objections raise and help meet the targeted deadline.   Company filers will also want to review the available tools on the Insurance Company Resources web page, specifically the Weekly Tips Archive to see if there is a product-specific Weekly Tip out there to assist with the drafting of the product filing submission.  

Interested in learning more tips for a more efficient filing experience, sign up and participate in our 8-week webinar series that starts next Thursday.  More information about the upcoming webinar series may be found on the Insurance Compact's website, specifically the Event Calendar.

If you have any questions regarding target approval dates, this Weekly Tip, or the Insurance Compact, please contact the office.