News

This week, we continue the theme of steps the savvy filer takes to ensure a smoother review. Across all product lines and types of insurance, the Compact Office's top tip is to implement a quality control check in the filing company's workstream. Assigning a task within your team to cross-check key filing data wherever it appears in the filing can make a significant difference.

Here are some items to get you started with this important and often overlooked task.

1. Every bracket on a form needs an accompanying explanation on the Statement of Variability.
2. Every value or range provided on the specifications page(s) needs to match the value or range given for the item in the Actuarial Memorandum.
3. Same as item 2 for consistency with the Statement of Variability.
4. Defined terms need to match across all documents in a filing. Remove extraneous defined terms.
5. Form numbers provided on the Form Schedule data, forms themselves, Statement of Variability, and Actuarial Memorandum need to match.

Simple consistency cross-checks such as these should be performed before submitting a filing and each time a document is updated in that filing. As the saying goes, “Consistency breeds happiness.”