Taking the High Road to Compliance Beth O’Quin Assistant Director, Policy Forms Life & Annuity Division Louisiana Department of Insurance firstname.lastname@example.org 225-342-6990
Taking the High Road to Compliance When you are sending us a filing, do you ever feel like?
Topics • A Map to Form Filing • Road Tips for Life & Annuity • New Roads for Life & Annuity • Questions
LA DOI Website-www.ldi.state.la.us A Map to Form Filing
A Map to Form Filing • Regulation 78 §10109 • This section covers Life & Annuity Insurance Policy Form Information. • Subsection “C” outlines the general filing requirements. • Subsection “D” outlines exceptions to the general filing requirements. • Subsection “F” outlines the certified approval process. • Subsection “G” outlines procedures for resubmitting a filing.
Road Tips for Life & Annuity • To avoid your form filing being disapproved, call or email US before you start!! • If filing via SERFF or CRAFT, please just include your cover letter within the filing description. • If resubmitting a previously approved form, a new form number is required. Regulation 78 §10109.G.3 • Only give us one form number for the form submitted. • The only exception is schedule pages. • No revised insert pages will be approved. We need the entire contract.
Road Tips for Life & Annuity • Life Application Tips • If you have foreign travel questions on your life applications, we are requesting actuarial justification. • If you have viatical settlement questions on your life applications they must comply with Bulletin 06-05.
Road Tips for Life & Annuity • Amendatory Endorsements are allowed for new issues when the policy has been approved within the last 3 years. Regulation 78§10109.C.2.e • The Health or Life Annuity Compliance Affidavit is required. • A filing fee of $100 per product is required. • A list of previously approved forms is required.
Road Tips for Life & Annuity • No exceptions to our statutes or regulations will be permitted. If the statute/regulation states it is required, then it must be complied with. • Any filings that request us to make exceptions to our laws will be disapproved.
New Roads for Life & Annuity • For Life & Annuity/LTC you will be able to add multiple companies to one file. • The fee for a product would be per product, per company. • Example: • Number of Products: 2 • Number of Companies: 2 • Amount: $400.00 • Calculation: 2 products ($200) X 2 companies= $400
New Roads for Life & Annuity • New Legislation • ACT 404 • Effective June 21, 2008 • Makes group life insurance eligibility standards consistent with health insurance standards. • Removes the 75% participation requirement. • ACT 353 • Effective August 15, 2008 • Louisiana joins the Interstate Compact • ACT 205 • Effective January 1, 2009 • Preneed policies cannot be owned by a funeral establishment or anyone involved in the marketing or preparation of the pre-need contract.