Weekly Tip: Version Control

 

Weekly Tips

Version Control

7/7/2016

This week’s tip is the first in a series intended to assist filers across all product lines with improving quality control of their IIPRC filing submissions. These tips will present steps a filer at any experience level can take to streamline the review process.

The Insurance Compact has several tools available to assist product filers with the design and submission of their product filings, many of which are found on the Insurer Resources page of the IIPRC Website. However, the most important tool – often overlooked – is your own previously approved forms. This is especially true if you are making a similar product filing submission where the same (or a very similar) form, actuarial memorandum, or statement of variability may be used.

The Insurance Compact Reviewers and Actuaries strongly encourage you to use previously approved documents that reflect prior corrections as the starting point for your new submission. This makes the review time more efficient for you, as you will not have to address the same objections over and over.

Along the same lines, when you are addressing the objections in forms, please make sure that you do so in the most recent version of the forms. A company may get one round of objections, address those, and then get another round of objections to address and resolve them in the initial forms, as opposed to the updated forms. It is not uncommon for a Reviewer to issue a follow-up objection because the document attached to an objection response does not contain the changes indicated by the response. We suggest that you use readily distinguishable file names for each version of a document in the filing to avoid attachment mistakes.

Keeping these two points in mind will help make your product filing review experience even more efficient. If you have any questions about the Insurance Compact or the filing process, please contact the Insurance Compact at Comments@insurancecompact.org.