Weekly Tip: Updated Submission Requirement Language

 

Weekly Tips

Updated Submission Requirement Language

11/19/15

This week the Insurance Compact made some updates to the language for a Submission Requirement for all product lines.  The language for the Statement of Variability has been updated to reflect a suggestion made during the webinar series this past fall. 

A company filer suggested that a change to the Statement of Variability Submission Requirement would be helpful to avoid objections received for omitting the required certification that variability will be administered in accordance with the applicable Uniform Standards.  Based on this suggestion, the Insurance Compact Office amended the language you will see on the Supporting Documentation tab to clarify what is required of company filers.  The new language is below. 

  1. Any information that is variable must be bracketed or otherwise marked on the form to denote variability.
  2. A Statement of Variability must be provided that discusses both the conditions under which each variable item may change as well as the alternative content to which the item may change.
  3. For variable values, the Statement of Variability must present reasonable and realistic ranges for that value. A zero entry for a range of values on the specifications page for any benefit or credit provided for in the language of the policy is unacceptable. 
  4. For variable text, the Statement of Variability must provide for alternate text or indicate if the variability is limited to the text either being included or excluded and the conditions for each.        
  5. Provide a certification that any change or modification to a variable item shall be administered in accordance with the requirements in the Variability of Information section.  This certification may be a statement:
    1. Included in the Statement of Variability document or
    2. in the Filing Description or
    3. in a Comment under this submission requirement or
    4. in a separate attachment

If you have any questions regarding the new language or the Insurance Compact, please contact the office.