NU Online News Service, June 14, 4:45 p.m. – Prudential Insurance Company of America, Newark, N.J., filed an individual term life product today with the new Cordinated Advertising Rate and Form Review Authority.
A working group at the National Association of Insurance Commissioners, Kansas City, Mo., organized CARFRA to serve as a multistate system for reviewing insurance product filings. Ten states are now testing the new system.
The Prudential product filing appears to be the first to go through CARFRA.
George Coleman, a Prudential spokesman, says his company believes CARFRA could approve its product in as little as 30 days. That compares with a turnaround time of six months or more for products filed through traditional review systems, Coleman says.
Although the life insurance industry has been the main proponent of CARFRA, state insurance regulators say CARFRA could also work well with some property-casualty products.