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In this weekly tip, the Insurance Compact reminds filers that an annual rate certification is required to be submitted no later than May 1st for individual long-term care rates in approved Compact filings.

The certification should comply with Section 3B of the Rate Filing Standards for Individual Long-Term Care Insurance (?Rate Filing Standards?). The filing requirements for an annual rate certification are summarized in Section I of FIN 2017-2: Individual Long-Term Care Filings. Additionally, a checklist for the annual certification filing may be found on the Insurance Compact?s online Record. A separate triennial memorandum submission checklist is also posted for rate schedules subject to the triennial submission requirement in Section 3B(3) of the Rate Filing Standards this year.

Pro Tip: In addition to reviewing the certification requirements in the Uniform Standard, please review the SERFF correspondence on the prior year?s certification submission. Be sure to include sufficient detail in the certification regarding both the data and review that supports the certification.

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