Weekly Tip: Using the SERFF Additional Benefits Field

 

Weekly Tips

Using the SERFF Additional Benefits Field

12/03/2012

One of the useful features of the Insurance Compact's Uniform Standards is that each of the requirements may apply to a number of products, types of insurance (TOI), and sub-types of insurance (sub TOI). Filers can utilize the Insurance Compact Uniform Standards to include additional or special benefits features by way of the base policy, riders or endorsements. We recognize these benefit features may not always match up with the TOI and Sub-TOI for the submission. Recently the Insurance Compact's instance in SERFF was enhanced to allow filers to provide such information in the General Filing Information in order to detail the type of product being filed. This enhancement is known as the Additional Benefits Enhancement.

You will want to use this new field when submitting a product with multiple features. The Insurance Compact also allows combination products to be filed, specifically life or annuity products with long term care riders. Use this field to identify your product as a combination and specify the features being combined or any related submissions that complete the product.

Additionally, use this field to identify any special features of your product. These may include index-linked, market value adjustments, accelerated death benefits, and other components that comprise your product. These may be found on the Record at http://www.insurancecompact.org/compact_rlmkng_record.htm

When preparing your filing in the SERFF Filing Wizard, the Additional Benefits field is found on the General Information tab. All you need to do is mark it "yes" and then enter a description into the field appearing to the right. The field is searchable and can be updated by filers via post submission updates.

Using the Additional Benefits field will give a clearer snapshot of your product. It will also help us in prioritizing the complexity of the filing and keeping member states better informed as to components being sold in their respective jurisdictions.

Filers can also use the Insurance Compact's TOI Link which is a helpful tool that links the adopted Uniform Standards to the TOIs and Sub-TOIs on the Product Coding Matrix. If you have any questions regarding the Additional Benefits field, please do not hesitate to contact the IIPRC Office.