Insurance Compact Update 2018 AICP New England E-Day Edward Charbonnier, Product Reviewer Interstate Insurance Product Regulation Commission

Session Overview Updates on Product Operations Updates on Filing Guidance Updates on Uniform Standards

Overview of Insurance Compact Compact filings submitted through the System for Electronic Rate and Form Filing (SERFF) File one submission under one set of standards for one review and approval valid in all Compact jurisdictions No state opt-outs of individual life or annuity standards

Compacting Jurisdictions – What’s New District of Columbia and New York – Pending legislation

The Compact Team Karen Schutter – Executive Director Becky McElduff – Assistant Director of Product Operations Sara Dubsky – Senior Operations Manager Ed Charbonnier – Life Reviewer Mindy Bradford – Life Reviewer Karen Givens – Primary Annuity Reviewer Maureen Perry – Primary LTC/DI Reviewer Jeanne Daharsh – Actuary Katie Campbell – Actuary Anne Marie Narcini – Regulatory Consultant Aimee Lawson – Product Filing Support Coordinator Lucy Smoucha – Communications Coordinator

Compact Filing Trends and Stats (as of March 31, 2018) 198 Companies Registered (as of 5/1/18) 228 Companies Registered in 2017 1,287 forms received 264 products approved Mix and match level at 44% Average approval time 24 business days* * excludes company response time to objection letters

Breakdown of 2017 Filings Over 1,100 products submitted by the 228 registered companies Over 4,100 forms submitted for review Mix and Match on the decline 44%, 6 points below 2016 level

Breakdown of 2017 Filings

Uniform Standards Update Product Standards Committee (PSC) 20 Regulators from Member States Develop and amend Uniform Standards Input from industry, consumer representatives, legislators, other regulators Uniform Standards approved by a 2/3 supermajority of Member States

Five-Year Review of Uniform Standards – Phase 8 Includes all Individual Disability Income Uniform Standards (yes, DBOE Standards too!) Approved for 60-day Public Comment on March 23rd Published to the Docket on April 5th Comment Period expires on June 4th Goal is to have final action by the Management Committee and Commission by the August 3rd in- person meeting in Boston Amendments planned to be effective Mid-November

Five-Year Review Information Amended Standards under review are found on the Docket

Five-Year Review Information Notice anything new with the information on the Docket?

Five-Year Review Information Rulemaking Citation: RXXX 20XX – Ordinal Number RAUS – Rulemaking Amendment to Uniform Standard RNUS – Rulemaking New Uniform Standard RAOP – Rulemaking Amendment to Operating Procedure RNOP – Rulemaking New Operating Procedure Citations for the IDI Five-Year Review: RAUS 2018-1 through -8

Other Items on PSC Workload April 24th held a public call to review with the Industry the comments submitted regarding new Uniform Standards Comments submitted may be found on About the Compact page under Product Standards Committee Call Summaries available in the same location Curious about what’s next? Stay aware with the Call Summaries

Uniform Standards: How You Can Help Follow the PSC meetings Call Summaries on the About the Compact page Consider best practices that can be incorporated into new standards Offer to assist with drafting or product education Group Annuities Balance consumer protections and industry initiatives

Using the Insurance Compact Website for Guidance Docket = Proposed Uniform Standards and Operating Procedures for adoption/amendment Record = Adopted Uniform Standards, Checklists, Standards History and Operating Procedures Insurer Resources Self-guided tutorials Step-by-step instructions Filing fee information Weekly tip archives

Using the Insurance Compact Website for Guidance Insurer Resources page has a new layout! Now organized into the steps of completing a product filing submission. Don’t worry, the same information is still there!

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Using the Insurance Compact Website for Guidance 1 The first box on the Insurer Resources page assists new filers with getting started in their utilization of the Compact for product reviews and approvals

Using the Insurance Compact Website for Guidance 2 The second box is dedicated to general materials for company planning, making submissions and updating submissions

Using the Insurance Compact Website for Guidance 3 The third box is dedicated to mix and match, including recently updated instructions for completing the SOI as well as the SOI template tool.

Using the Insurance Compact Website for Guidance The fourth box is dedicated to the proper payment of filing fees required at the time of submission Compact Fees – adopted annually Tool identifying standards without actuarial review State Fees – verified at least annually 4

Using the Insurance Compact Website for Guidance 5 The fifth box (first box on the second row) has reference materials about uniform standards and filing procedures Updated tool! Index shows Standards Adoption/Amendment dates FINs Searchable weekly tip archive

Using the Insurance Compact Website for Guidance 6 The sixth box has reference materials pertaining to state- specific information New tool! State Uniform Standards participation chart

Using the Insurance Compact Website for Guidance 7 The last box has options for reaching the Compact team Contact Us – individual contact information on the Contact Us page of the website Ask a Compact Help Desk Question – technical, not related to a specific product or Uniform Standard Ask a Pre-Filing Question – form for submitting specific question(s) related to product filing design or Uniform Standards compliance

Using the Insurance Compact Website for Guidance Filing Information Notices Find on www.insurancecompact.org Home page > Filing Information Notices Insurer Resources page > Reference Materials > Filing Information Notices

Using the Insurance Compact Website for Guidance FIN 2017-1 FIN 2016-1

Using the Insurance Compact Website for Guidance Two ways to search for Weekly Tips in the Archives May be filtered

Using the Insurance Compact Website for Guidance Filing Fee Tools Compact Fees for calendar year (Schedule of Fees adopted on annual basis with Annual Budget) Standards with Actuarial Requirements Compact State Fees (constantly verified with the States)

Questions? Contact Becky McElduff bmcelduff@insurancecompact.org (816) 783-8058 Insurance Compact Comments@insurancecompact.org (202) 471-3962