News

The Insurance Compact has a new Company Licensing Verification submission requirement for Compact Annual Registration filing (?ARF?) submissions. The purpose of this new submission requirement is to more proactively address the inclusion of states in which a company is not licensed, which can be difficult to ascertain in real time based on the information currently available to the Insurance Compact Office.

The ARF submission for 2020 will require the company to provide a list of the Compact States in which the company does not have a Certificate of Authority. If the company?s authority is limited to a specific product line in a given state, this should also be stated.

Ex: ?Not licensed for annuities in Louisiana? or ?Not licensed for any product lines in Alaska, Hawaii and Puerto Rico?

The Compact will check the list of states provided in the ARF submission against the states included in the company?s product filings submitted throughout the year.

If there are changes to the company?s licensing status over the course of the calendar year, the company is expected to submit a Note to Reviewer requesting to reopen the ARF to update this submission requirement by documenting the ARF submission with the Certificate of Authority. Failure to update the list in the ARF submission could delay approval of subsequent product filings if the included states do not correspond with the ARF information. This would prompt follow-up from the Insurance Compact Office requesting either proof of authority or that the state be removed from the product filing.

If you have any questions about the Company Licensing Verification submission requirement, or about filing with the Insurance Compact in general, please contact the Insurance Compact Office.