NU Online News Service, Aug. 3, 6:08 p.m. – The National Association of Insurance Commissioners, Kansas City, Mo., says its new multistate filing program has just handled its first product.
Prudential Insurance Company of America, Newark, N.J., filed a term life product with the program, the Coordinated Advertising Rate and Form Review Authority, in June, through the NAIC’s electronic filing system.
Ten state insurance departments tested CARFRA by using it to review the Prudential filing. They approved the product July 30, less than 45 days after Prudential submitted it, the NAIC says.
The regulators who tested CARFRA were in Alabama, Arkansas, Indiana, Maine, Michigan, New York, Ohio, Oregon, Pennsylvania and Texas.