Weekly Tip: Updates to Product Filing Rule

 

Weekly Tips

Updates to Product Filing Rule

11/8/2013

On Tuesday, October 29th the Insurance Compact Office issued a Meeting Notice for a public call of the Rulemaking Committee. The Rulemaking Committee will be proposing amendments to the Product Filing Rule (Operating Procedure for the Filing and Approval of Product Filings) regarding mix and match.

On Wednesday, November 13th the Rulemaking Committee will convene a public call for the purpose of reviewing and receiving comments on the proposed amendments to the Product Filing Rule. More information about this particular call may be found on the Event Calendar located on the main page of the Insurance Compact's website.

The purpose of these amendments is to clarify the intent of the use of mix and match, specifically with regard to the "reverse mix and match" process. This is when a company files a product filing component with a state for approval with the intent of using it with a pending or previously-approved Insurance Compact product filing component. Members of the Insurance Compact have raised concern that filers may choose among and between the Uniform Standards and state law for the most "favorable" requirements to its overall product.

The process that the proposed amendments will follow begins with the call scheduled for Wednesday, November 13th. All interested parties are encouraged to participate and submit comments. After this call, the Rulemaking Committee will plan on making a recommendation to the Management Committee during the teleconference on Monday, November 18th (the call details may also be found on the Event Calendar). This recommendation will be to expose the proposed amendments for a 60-day public comment period. During this time, all interested parties are encouraged to submit written comments. Also, the draft of the Product Filing Rule with the proposed amendments will be posted to the Insurance Compact's Docket. Upon the completion of the 60-day public comment period, a public hearing will be held before the Management Committee to review and receive any submitted comments. The Management Committee will then consider these amendments for approval before the Commission considers these amendments for adoption. Upon adoption, the amendments will be effective after a 45-day promulgation period or on a date specified.

If you have any comments about the proposed amendments, the rulemaking process, or this Weekly Tip, please contact the Insurance Compact Office.