Top 10 Product Filing Tips with Regulators

As recommended by JFB Associates Regulatory Compliance LLC.

1. Familiarize Yourself with the Product Filing Review Handbook – The National Association of Insurance Commissioners (NAIC) publishes this invaluable resource. Make sure you understand its guidelines and best practices. It’s a must-read for new people in the hiring process.

2. Approach the Process as a Partnership – View regulators as collaborators rather than adversaries. A cooperative mindset fosters smoother interactions.

3. Build Relationships with Regulators – Engaging with them at industry events and conferences helps establish rapport and ensures smoother communication.

4. Understand Each State’s Unique Requirements – Different states have varying permissible and restricted policy language, rating rules, and filing procedures. Ensure compliance by researching state-specific guidelines.

5. Conduct Preliminary Discussions – Before submitting your filing, consult regulators to clarify expectations and potential concerns, reducing surprises down the road.

6. Follow Through on Commitments – If you make assurances during discussions, honor them in your filing and any subsequent actions. Reliability strengthens credibility.

7. Prepare Thorough, Well-Organized Filings – Ensure submissions are clear, concise, and compliant with all relevant requirements. A well-prepared filing minimizes delays and additional back-and-forth.

8. Respond Promptly to Regulator Inquiries – Timely responses show professionalism and a willingness to collaborate, which can expedite approvals.

9. Stay Updated on Regulatory Changes – Regulations evolve, and staying current with updates from NAIC and individual states helps you anticipate adjustments in filing strategies.

10. Leverage Industry Resources and Expertise – Consider consulting legal, actuarial, or compliance experts when dealing with complex filings. Peer groups and industry associations can also provide valuable insights.