Determining Whether an Actuarial Memorandum is Required
Are you unsure of how to tell whether your Compact product filing requires an Actuarial Memorandum? If so, this week?s tip is a good one to save. You may also wish to share it with your company?s actuary.
The best way to be certain whether actuarial review of an Insurance Compact filing is required is to look at the applicable Uniform Standards for an Actuarial Submission Requirements section. If the Uniform Standards do not contain this section, actuarial review is not required. You can double-check this determination by consulting the tool specifically designed to list Uniform Standards Without Actuarial Review. This tool is published to the Insurer Resources page of the Insurance Compact website, under the Fees section.
Remember ? filing unnecessary actuarial memoranda may lead to erroneous filing fees being paid; failing to file a required actuarial memorandum may lead to a delay in the review.
If you have any questions about whether your Compact product filing requires an actuarial memorandum, or about filing with the Insurance Compact in general, please contact the Insurance Compact Office.
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