News

Has your company already used or considered using the Expedited Review Process pilot program currently available through the Insurance Compact? This week?s tip contains updates on that program of interest to all life insurance and annuity filers.

Eligibility for the Pilot Program

The pilot program is open to any organization of any size wishing to submit a life insurance or annuity filing. The pilot program contains specific eligibility criteria based on the requesting company?s proficiency in making Compact filing submissions. The criteria look at how recently and how often the company has filed, as well as at the quality or ?cleanness? of each filing submission in the applicable Type of Insurance. The criteria are designed to support approving the submission within the expedited timeline of the program.

If your company does not squarely meet the eligibility criteria for the expedited review pilot program due to business needs or other unique filing circumstances, please contact the Insurance Compact Office at expedited@insurancecompact.org to request further analysis. We want to understand how the criteria affect all prospective users during the pilot phase of the program.

Continuation of the Pilot Program

The program was approved for the period of January 1 ? June 30, 2019. The Finance Committee is developing a recommendation to continue the pilot program through December 31, 2019, and to consider a long-term, self-sustaining proposal for a permanent program in conjunction with the 2020 annual budget proposal.

The Finance Committee held a public meeting via teleconference to receive comments on its proposed recommendation on Monday, May 20th . Once the Finance Committee?s recommendation has been finalized, the next stop is expected to be the joint Management Committee and Commission meeting via teleconference on Monday, June 17th. Information for this meeting is available on the Event Calendar.

If you have any questions about the information in this tip or about filing with the Insurance Compact in general, please contact the Insurance Compact Office.