News

Has your company ever overpaid state or Compact filing fees? Did you know that fee objections on submitted filings can delay the review of your filing? In this weekly tip, the Insurance Compact Office is reminding filers of the new optional Advance Filing Fee Calculation service that we began offering on January 1, 2019.

For the flat fee of $100 per filing submission, the Insurance Compact Office will calculate the total state and Compact filing fees owed for a filing. This service relieves the burden of calculating state filing fees owed and will help prevent overpayment of filing fees. The Compact has published step-by-step directions for how to utilize this service on the Insurer Resources page of the Insurance Compact website, under ?Fees.?

A fringe benefit of using this service is that the filing is assigned by the Compact Office upon receipt, before the intake review of filing fees is completed. Filing submissions that do not use the Advance Filing Fee Calculation service are assigned once intake objections are satisfied, including the proper payment of the filing fees due.

• Filers requesting this service should pay extra attention to the information submitted in the Filing Description. To properly calculate the fees due for each submission, ensure that the following information is included:
• Details on the state- and Compact-approved forms with which the submitted forms will be used. If a filer is not submitting a policy in the filing, please list the state- and Compact-approved policies with which the forms in the filing will be used. If this information is not provided, it will slow the filing fee calculation process down.

Identify the Uniform Standards used to create the filing submission. The Compact filing fee is determined by whether or not the submission requires an Actuarial Review. This is determined by the presence of Actuarial Submission Requirements in the Uniform Standards applicable to the product filing.
If you have any questions about the Advance Fee Calculation service, or about the Insurance Compact in general, please contact the Insurance Compact Office.