Weekly Tip: When To Amend an Approved Life or Annuity Filing and How to Amend


Weekly Tips

When To Amend an Approved Life or Annuity Filing and How to Amend


Over the course of the life cycle of a Compact-approved product, a filer's business, operational, or market issues may necessitate the amendment of product filings made to the Insurance Compact. This most commonly occurs when insurers are correcting or updating a product; or correcting and/or updating supporting information or documentation required to support approval of products. All amended products require Compact approval. Supporting documentation that has been corrected or updated may not always need to be approved but may need to be filed. Recognizing this, the Compact does reopen approved product filings to facilitate such amendments.

Every Uniform Standard specifies that the company may identify items that will be considered variable (only in the specification page). The Statement of Variability (SOV) is filed to list the variable items and explain the conditions of the variability. Whenever a change is made to an item listed as a variable (bracketed) and the modifications fall outside of the range or scope of its variability, it should be filed as an amendment. To accomplish this, file revised data or specification pages and a revised SOV. Sometimes changes also affect the product's actuarial elements or memoranda. In such cases, a revised actuarial memorandum should also be submitted. It is important to note changes that are within the range or scope of the variable item, do not need to be filed. Items such as the insurance department address and telephone number, company address and telephone number, officer titles, and signatures of officers located in other areas of the policy may be denoted as variable and changed without notice or prior approval if they are noted as being variable.

There are also some amendments, variable or not, that should be filed and approved. These vary by product line and the applicable Uniform Standards for your product should be consulted.

Other information about the product or supporting documentation may change as well and may be submitted as amendments to the approved product filing. These include changes to the filing description or purposes of the product, the forms it will be used with or its implementation. In the case of Application forms, the method in which it will be used may change, such as paper to electronic, use of drop down menus and telephone scripts.

All of these changes need to be reviewed and approved and are subject to appropriate amended filing fees.

There are other elements that may change that can be added to the approved product filing that require approval but are not subject to an amended filing fee. These are updates to mix and match information in the Statement of Intent and Schedule (SOI) and adding Foreign Language translations of approved forms (and the required certification).

Finally, Disclosures or Illustrations may be added to approved product filings but do not require review or approval by the Compact. Appropriate approvals must be obtained from Member States when required.

To have a filing reopened to facilitate any of these amendments, send a "Note to Reviewer" in SERFF requesting that the filing be reopened and indicating the reason for modification. When the filing has been reopened, submit the amended filing fee as applicable. Once the review of the filing amendments has been completed, an updated disposition will be provided and the filing closed.

All additional forms to be used with the approved product and changes to the content of approved forms (not included as a variable item) must be submitted in a new product filing.

Amended filing fees are required per the IIPRC Terms and Procedures for IIPRC Filing Fees for some amendments. Please note that if the filing is being amended to provide updates to the SOI or the addition of the Foreign Language translation certifications; or to correct typographical or formatting errors, no fees are required. For more information as to the amount of the applicable Amended Filing Fee, please refer to the IIPRC Schedule of Fees located on the Insurance Company Resources page of the Insurance Compact's website.

Information on when and how to amend individual long term care and disability income product filings will be forthcoming in another of our Weekly Tips.

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