Weekly Tip: Tools for Success

 

Weekly Tips

Tools for Success

2/05/2015

Following up on last week’s Weekly Tip, we want to highlight a little more statistical data and the available resources on our website to provide for a successful Insurance Compact filing experience. 

The average number of objection letters issued per filing submission was 3 with an average of 7 objections included.  The average number of objection letters for all life products was 3 with 6 objections; for annuities it was 3 with 8 objections; for long-term care it was 4 with 15 objections; and for disability income it was 4 with 11 objections. 

Would you like to see if you could get the number of objections for your filing under the average?  If so, make sure that you are using all of the available resources on the Insurance Compact’s website.  There are all sorts of goodies that are available to all product filers to ensure that your filing is submitted in compliance with uniform standards and submission requirements. 

Starting with the checklists located on the Record along with the applicable Uniform Standards.  Each Uniform Standard has been formatted into a checklist.  We strongly encourage everyone to utilize this available tool. 

When building your draft submission that includes a Statement of Intent (SOI) if you are mixing and matching state product components, do not forget to use the Preformatted SOI Excel Spreadsheet which is located on the Insurance Company Resources page.  By utilizing the preformatted spreadsheet, company filers are able to save the templates for use in later filings. 

Has it been a while since you have made a Compact submission or do you have new team members making submissions?  Do not forget that there are detailed step-by-step instructions located on the Insurance Company Resources page as well. 

Also located on the Insurance Company Resources page are the Weekly Tip archive as well as a Best Practices Checklist. There are also four on-demand tutorials that were developed to provide guidance on the Compact in general as well as submitting a product filing.  We would encourage all filers to take a look at these, if you have not done so already.  

Lastly, the best resource that we have to offer is a conversation with the Review Team.  If you have any questions as you are developing your product filing submission, please reach out to the Team. Do not forget that the Pre-Filing Communication Form is available if you would like to have a detailed conversation about product development and the applicability of the Insurance Compact Uniform Standards.  You many reach a member of the Review Team by contacting the Insurance Compact Office.

We hope that you find the use of these tools and our website user-friendly.  If you have any questions about these tools or the Insurance Compact, please let us know.