Weekly Tip: Use of "Not Available"

 

Weekly Tips

Use of "Not Available"

11/22/2013

Using mix and match has been a very popular way for companies to utilize the Insurance Compact's speed-to-market benefits in the past years, especially as the Insurance Compact developed its Uniform Standards. In 2007, all of the filing submissions submitted utilized mix and match. So far this year, only 55% of the filings have utilized mix and match. In this week's Weekly Tip we would like to provide some information about the use of "Not Available" when completing the Statement of Intent (SOI) Schedule.

Under the Filing Information Notice 2009-4: "Mix and Match" Filings, filers are advised that they may indicate "Not Available" when completing the information required for "Tracking Number" in the Preformatted SOI Excel Spreadsheet (SOI Template). The Insurance Compact would strongly encourage all company filers to provide as much information as possible when completing the SOI Template. If the state did not provide a specific tracking number for the state-approved product component, company filers are strongly encouraged to enter the SERFF tracking number for that specific state-approved product component. The Insurance Compact would suggest that "Not Available" be used if the information is truly not available for a specific state-approved product component.

By providing this detailed information, the company filers are minimizing the potential for state-specific inquiries and only enhancing their speed-to-market benefits of utilizing the Insurance Compact. The Operating Procedure for the Filing and Approval of Product Filings, specifically Section 111(b)(2)(i), provides that a Compacting State may request specific information regarding the state-filed or state-approved forms identified on the Statement of Intent Schedule including a copy of the form(s), if requested. The more details provided up front at the time of submission makes implementation in the states smoother and faster. Also, if a Market Conduct exam is conducted, all of the essential information is found in one central location.

If you have any questions about this Weekly Tip of the Insurance Compact, please contact the Insurance Compact's Office.