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

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

4. 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

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

7. 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

8. 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

9. 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

10. Breakdown of 2017 Filings

11. 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

12. 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

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

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

15. 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 through -8

16. 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

17. 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

18. 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

19. 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!

20. 1 2 3 4 5 6 7

21. Using the Insurance Compact Website for Guidance1
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

22. Using the Insurance Compact Website for Guidance2
The second box is dedicated to general materials for company planning, making submissions and updating submissions

23. Using the Insurance Compact Website for Guidance3
The third box is dedicated to mix and match, including recently updated instructions for completing the SOI as well as the SOI template tool.

24. 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

25. Using the Insurance Compact Website for Guidance5
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

26. Using the Insurance Compact Website for Guidance6
The sixth box has reference materials pertaining to state- specific information
New tool! State Uniform Standards participation chart

27. Using the Insurance Compact Website for Guidance7
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

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

29. Using the Insurance Compact Website for Guidance
FIN
FIN

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

31. 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)

32. Questions? Contact Becky McElduff bmcelduff@insurancecompact.org
(816)
Insurance Compact
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