The Illinois Division of Insurance says life insurer and annuity manufacturers now can use most properly certified policy forms as soon as the division notifies them that it has entered their forms into its filing system.

The division retains the right to require prior approval of some policy forms, and it will conduct random checks to see whether companies really are complying with actuarial and consumer protection requirements, regulators say.

A copy of the bulletin explaining the new self-certification system is on the Web at Document Link