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Taking the High Road to Compliance

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  1. Taking the High Road to Compliance Beth O’Quin Assistant Director, Policy Forms Life & Annuity Division Louisiana Department of Insurance boquin@ldi.state.la.us 225-342-6990

  2. Taking the High Road to Compliance When you are sending us a filing, do you ever feel like?

  3. Taking the High Road to Compliance

  4. Taking the High Road to Compliance

  5. Taking the High Road to Compliance

  6. Taking the High Road to Compliance

  7. Topics • A Map to Form Filing • Road Tips for Life & Annuity • New Roads for Life & Annuity • Questions

  8. LA DOI Website-www.ldi.state.la.us A Map to Form Filing

  9. A Map to Form Filing

  10. A Map to Form Filing

  11. 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.

  12. A Map to Form Filing

  13. A Map to Form Filing

  14. A Map to Form Filing

  15. A Map to Form Filing

  16. A Map to Form Filing

  17. A Map to Form Filing

  18. A Map to Form Filing

  19. A Map to Form Filing

  20. A Map to Form Filing

  21. A Map to Form Filing

  22. A Map to Form Filing

  23. 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.

  24. 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.

  25. 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.

  26. 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.

  27. 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

  28. 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.

  29. Questions?