Weekly Tip: Update to MIB Statement on IIPRC-Approved Application Forms

 

Weekly Tips

Update to MIB Statement on IIPRC-Approved Application Forms

10/17/2012

The Interstate Insurance Product Regulation Commission ("IIPRC") has received inquiries from filers about the process for updating IIPRC-approved forms to revise the MIB authorization language in response to the changes MIB member insurers are being asked to adopt. Companies can make changes to the IIPRC-approved forms for this purpose without incurring additional IIPRC filing fees.

For companies wishing to update their forms for the sole purpose of revising the MIB authorization language, please send a "Note to Reviewer" requesting to reopen the particular filing for this purpose. Once the filing is opened:

1) Attach the application(s) with the revised authorization language to the Form Schedule, replacing the currently approved application(s). Do not change the form number or add a revision date to the form number. The form number must remain the same as on the approved application(s);

2) Attach a certification under Supporting Documentation that no changes other than the revisions to the MIB authorization have been made; and

3) If the states of IL, MN, NM, TX, or WV are included on the filing, filing fees applicable to the MIB update must be added. Please review the Member Fees for MIB Update document.

Please contact the IIPRC Office if you have any questions regarding this notice by sending an e-mail to comments@insurancecompact.org or calling (202) 471-3962.