News

The Compact Intake Team has been busy! Fifty companies have requested to add North Dakota to 300 submissions! While these numbers seem small in the scheme of filings made to the Compact, each life insurance submission requires a thorough review to verify their compliance with the one-year suicide requirements. In some cases, objections have been issued to obtain clarification as to how the suicide requirement has been met. Please review the guidance issued on July 20, 2023 detailing the processes for describing compliance with the one-year suicide requirements.

Additionally, the Compact is receiving Notes to Reviewer with requests to reopen filings when it is not necessary to reopen the filing. A filing is reopened if the Statement of Intent has to be updated for the new state. Please review the Weekly Tip issued last week, Add a State Reminders, with some important reminders to take into consideration with add a state updates.

If you have any questions about adding a state, please contact the Insurance Compact Office. Please note the Compact Office will be closing early on Friday, September 1st and will be closed on Monday, September 4th in observance of Labor Day.