Weekly Tips

 

Anticipating the Newest Member of the Compact

5/3/2017

In honor of National Life Insurance Day today, we wanted to highlight the 45th member of the Insurance Compact – Connecticut.

 

While Connecticut’s legislation was signed into law last June, the legislation included an effective date of July 1, 2017, and did include an opt-out of all long-term care and disability income insurance products. Connecticut will be eligible for life and annuity product filings only.

 

Connecticut is afforded 10 business days from the effective date to review the Uniform Standards and notify the Insurance Compact of any additional opt-outs. No additional opt-outs are expected as of this time. Filers may begin to add Connecticut to submitted and/or approved life and/or annuity product filings beginning on July 18th. Due to SERFF technology, Connecticut may not be included in any submissions prior to July 18th.

 

Please note that a new state added to a previously-approved filing must be acknowledged by the Insurance Compact Office before the product is considered approved for use in that state. Acknowledgement is dependent on proper fee submission and the completion of any necessary Statement of Intent entries. The Insurance Compact Office will make every effort to acknowledge the addition of Connecticut within one (1) business day, provided these requirements are satisfied. Acknowledgement creates an entry in the Filing Log and can generate a SERFF Message, depending on your settings.

 

We will issue another notice as the July 18th effective date nears, which will include a refresher on how to add a state to a filing submission. We are very excited to have Connecticut participating in the Insurance Compact later this summer.