Weekly Tip: Tips on Disability Income Product Filings


Weekly Tips

Tips on Disability Income Product Filings


The Insurance Compact began accepting product filings for individual disability income insurance (DI) products in 2012. All Compacting States are accepting filings submitted for approval to the Insurance Compact under the DI Uniform Standards.

There are a few key rules to remember about the regulatory framework of the DI Uniform Standards when preparing and filing a DI product with the Insurance Compact:

  • For new product submissions, all components of a DI product must be filed with the Insurance Compact.
  • Mix and Match between Insurance Compact-approved DI components and State-approved DI components are not allowed with the exception of DI applications.
  • If a DI application IS mixed and matched it must be submitted in a separate Insurance Compact product filing. If the application is going to be used with Insurance Compact DI forms filed separately, cross reference the two submissions.

There are also a few key best practices to follow with respect to the Insurance Compact product and the filing process. Insurance Compact Submission Requirements are constructed by TOI and Filing Type. When preparing a DI product for submission to the Insurance Compact be sure to select Disability Income, H.11.I, as the Type of Insurance (TOI) in SERFF.

When filing a combination product, use the “Additional Benefits” field in the SERFF General Information tab in SERFF to tell us what other product lines and TOIs are included in your product. Be sure to include on the Cover Page of the policy a statement as to whether the policy is Conditionally Renewable, Guaranteed Renewable, or Noncancellable. Also, include a conspicuous statement as follows: “Preexisting Condition limitations or exclusions and other limitations or exclusions may apply. Please read your policy carefully”.

The Insurance Compact would strongly encourage all DI filers to become familiar with Filing Information Notice (FIN) 2012-1, which describes the procedures and process to be followed in submitting DI products to the Insurance Compact. The FIN may be found on the Insurance Compact’s website - http://insurancecompact.org/fin.htm.

If you have any questions regarding DI products and making DI filings, please do not hesitate to contact the IIPRC Office.