Indiana Commissioner of Insurance Jim Atterholt today released Bulletin 142, a new self-certification process geared toward expediting Life and Annuity product filings. Bulletin 142 is a Life and Annuity Policy Actuarial and Form Filings self-certification process that allows for product approval within five days of submission.
“Speed to market is one of our top priorities at the Department of Insurance. We are going to take any step we can that speeds the approval of new products and still maintains the integrity of our oversight role. These are products that consumers are demanding so both the industry and the consumer win with this new policy,” said Atterholt.
Indiana is part of the Interstate Insurance Compact after passing the enabling legislation in 2005 originally created by the National Association of Insurance Commissioners. Bulletin 142 attempts to build on the Compact’s product filing efficiencies by allowing life and annuity carriers that have demonstrated compliance with Indiana insurance laws to self-certify product filings. According to the Bulletin, self certified filings will be given immediate fast-track review.
Self-certified products will be approved within five days if all items are completed correctly. The self certification form will be signed and attested to by an officer of the insurer and certificates for rate filings will be signed by a qualified actuary. The Indiana Department of Insurance will selectively audit the self-certifications to ensure that the certificates are true and accurate. The Department may also continue to require prior approval of rates and forms in instances where the Commissioner has determined it is in the best interest of policyholders. The Commissioner also retains the ability to eliminate the self-certification privilege if a carrier has submitted inaccurate information and may subject the carrier to administrative action under IC 27-4-1 should such action be warranted.
Source: Indiana Department of Insurance
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