Weekly Tip: Using the SERFF General Instructions


Weekly Tips

Using the SERFF General Instructions


The Insurance Compact's General Instructions found in SERFF were constructed to maximize the use of the data fields imbedded in SERFF. The General Instructions are divided by the various data fields and provide information important for filing preparation and submission for each of the data fields.

The additional links field provides easy access to the Insurance Compact's Bylaws, Uniform Standards, and Operating Procedures. These form the basic framework for business conducted by and with the Insurance Compact. Links to Uniform Standards, Compliance Checklists, and the Best Practice Checklist give critical guidance for the preparation and submission of compliant products and facilitate the speedy turnaround of product filings. The Checklists are interactive and can be completed on-line and are available for downloading for saving to back-office systems. A link to state specific long-term care information is essential for understanding and complying with the interaction of Insurance Compact members in rolling out long term-care products. Links to Filing Information Notices (FINs) provide instruction on the filing process for complicated product components such as Guaranteed Living Benefits and interest rate changes on non-forfeiture values in life policies.

One of the critical submission requirements is the proper payment of the filing fees as Insurance Compact filings may not be approved until the filing fees are properly paid. Using the Fees field can really help avoid delays in this regard. The General Instructions contain detailed directions on using the fee tab in SERFF for Insurance Compact filings; and also contain information and links regarding the Insurance Compact fee structure, state filing fees, and using EFT. Download this information and keep a cheat sheet for future reference. Of course always check for updates as fee structures can change.

With certain exemptions, all approved product filings submitted to the Insurance Compact are public records according to the Operating Procedure for the Establishment of Conditions and Procedures for Public Inspection and Copying of Information and Official Records of the IIPRC ("Public Access Rule"). A description of the Insurance Compact's Public Access Rule as well as a link to the entire rule is provided to help filers understand the rule and prepare filing information accordingly.

The Comments field has been populated with instructions about how best to use Insurance Compact tools and SERFF in the filing and correspondence process, for completing several critical elements of compact filings, including the Statement of Intent Schedule for mix and match filings.

The General Instructions also provide attachments needed or helpful for completion of various types of Insurance Compact filings such as templates for required certifications. Since the information is contained in data fields it can be downloaded or copied into documents in your back-office that can be used to facilitate user training as well as minimize issues in preparing your Insurance Compact filing. We recommend making a Compact "fact sheet" for filing reference and consulting it PRIOR to preparing and submitting a product filing.

If you have any questions regarding the Insurance Compact's General Instructions, please contact the IIPRC Office.