News

With Labor Day upon us, the Insurance Compact Office wanted to provide an update as to what has kept the Insurance Compact Review Team busy this summer.

Over 230 companies have registered to file with the Insurance Compact and a quarter of these companies have made 20 or more submissions over the past 13 years. The individual life products continue to lead filing submissions for 2020 with 53% of submissions. Of these, 46% are filed under the TOI Life ? Other (L08I). Whole life (L07I) products make up the majority of policy filings followed by Term (L04I) and then Flexible Premium Adjustable (L09I). Deferred Non-Variable Annuity (A02I) products are the most commonly submitted individual annuity submission.

Curious about the Expedited Review Program? Over 122 submissions have been made under this filing process through the end of July by 57 different companies. While the current average review time across all filings is 20 review days, the review time for Expedited Review filings is 8 review days. More details on the program may be found on the Insurer Resources page of the website.     

Advance Filing Fee calculations are a popular filing service as well, with over 70 requests made. As a reminder, the submissions requesting the Advance Filing Fee service are assigned earlier than those without.

More Insurance Compact filing statistics and trends can be found on the Insurance Compact Website under the Product Filing Statistics link which is updated on a monthly basis.

If you have any questions about the Insurance Compact, please contact the Insurance Compact Office.