Weekly Tip: When and How To Amend an Approved Long-Term Care Advertising Filing

 

Weekly Tips

When and How To Amend an Approved Long-Term Care Advertising Filing

2/26/2013

The Uniform Standards for individual long-term care insurance require that advertising that is used with Compact-approved individual long-term care products be submitted for approval. The Compact filing process provides for each individual long-term care product filing to have one separate, unique filing which contains all the advertising material to be used or associated with that product filing.

Over the course of the life cycle of the Compact-approved individual long-term care product, a filer's business, operational, or market issues may necessitate new or amended advertising forms. All amended advertising requires Compact approval. Often times, changes are in the form of a new strategy, format or type of media. The Compact does reopen approved long-term care advertising filings to facilitate amendments as well as to allow the submission of additional advertising material relating to that approved product. Please send a "Note to Reviewer" to open the existing product filing for the purpose of adding new or amending existing forms and supporting documentation. There are a few things to keep in mind:

  • Advertisements may contain variable information, for instance, optional benefit features related to plan parameters filed and approved with the policy. Only changes falling outside of the approved parameters need to be refiled. There are also some amendments, variable or not, that should be filed and approved. Be sure to check with the Uniform Standards regarding the Variability of Information.
  • If advertising material will be used with more than one Compact-approved individual long-term care product filing, the filer must submit the advertising material in a separate advertising filing associated with each applicable individual long-term care product filing.
  • If advertising material will be used with both Compact-approved individual long-term care product filings and with state-approved individual long-term care product filings, submission of the advertising material with the Compact does not satisfy advertising filing requirements associated with the state-approved individual long-term care product filings.

To submit new or updated advertising material, send a "Note to Reviewer" in SERFF and request the advertising filing associated with the particular product filing be reopened to add the new material. When the filing has been reopened, the Compact and applicable state filing fees must be submitted with the new or updated advertising material. There is no need to withdraw or replace previously approved supporting documentation, simply add the new documentation. The new advertising material should be added to the form schedule. Replace any outdated material. Once the review of the filing amendments or new advertising material has been completed, an updated disposition will be provided and the filing closed.

Please remember that when a filer makes a brand new advertising Compact filing as opposed to requesting the previously-approved advertising filing that is uniquely associated with an approved individual long-term care product filing in order to file new or updated advertising material, the Compact will instruct the filer to withdraw the new filing and update the existing filing which could result in the loss of or the double payment of applicable filing fees.

If you have any questions regarding amended long term care advertising filings, please do not hesitate to contact the IIPRC Office.