Approval Timeframes for Non-Standard Insurance Products
- Products that do not comply with standard policy provisions or standard asset share formats are subject to a longer review period of 90 calendar days.
- The same procedural rules on submission, additional requirements, and countdown resetting apply as with standard products.
Authority to Recall Approved Products
- The Insurance Commission retains the right to recall any approved insurance product at any time upon detection of violations of the Insurance Code or Commission rules.
- Recall may be accompanied by sanctions in accordance with Section 415 of the Insurance Code.
Submission Procedures
- All documentation for insurance product approval and any requested additional requirements must be submitted directly to the Actuarial Division of the Insurance Commission.
Effective Date
- These guidelines take effect starting January 2, 1995, as promulgated by Insurance Commissioner Adelita A. Vergel de Dios on December 12, 1994.