Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Life Insurance

Pru Files Product Through New Multistate Review System

By Jim Connolly

X
Your article was successfully shared with the contacts you provided.

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.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.