News

In this week's Best Practices Weekly Tip Roundup, the Insurance Compact Office urges filers drafting a product filing submission that includes variability in the forms on the Forms Schedule to double-check that the Statement of Variability (SOV) certification is provided before submitting. Providing the certification is as simple as adding wording to the Statement of Variability attachment, in the Filing Description field, or in the Statement of Variability field that "any change or modification to a variable item shall be administered in accordance with the requirements in the Variability of Information section of the applicable Uniform Standards." Overlooking this requirement prior to submission guarantees an objection from the reviewer and may delay the assignment of your filing.

Use the Best Practices Checklist when creating your product filing submission to ensure your filing is ready for review. Filings that are submitted ready for review avoid time-draining objections.

Compact reviewers invite filers to revisit the following time-saving resources pertaining to the SOV:

• Ready for Review - SOV Certification - This tip contains specifics on where you can attach the SOV Certifications in a product filing submission.
• Common Objections Series - Statement of Variability Consistency - Tips for avoiding objections relating to variability of items revised during the review process.

If you have any questions about completing the SOV in your Compact filing, or about filing with the Insurance Compact in general, please contact the Insurance Compact Office.