What is the process for changes to forms?
Many companies have now received post approval review letters from the NYSID. Common to all appears to be a request for policy form revisions. No company I know of has ever been told that their forms were reviewed on a post approval basis and no changes were necessary. It would be interesting to know if any company has received such a letter.
In my experience most companies are asked to make some changes to their forms. Typically the changes are minor wording changes or requests to add more detail. Generally, they do not go to the substance or design of the product, but they are changes nonetheless. In various files, I have seen these types of changes handled in many different ways. But recently I heard what the process is going to be going forward.
It was explained that the required changes will be identified in the post-approval review, but not approved as part of that file. Instead a new filing will be required - a full, prior approval filing - to implement those changes.
I think a process is good and with this one, the ultimate outcome is a good one - a full approval. Of course, the devil will be in the details. Is the process used consistently? Are there standards for when objections to approved forms are raised? And of course, how long does it take?
The Department has indicated that the post-approval review process is new and still evolving. I think we all understand that new processes take time, but part of what makes regulation fair is certainty. Companies, as regulated entities, need to know what the rules are and how they are implemented. At some point - hopefully soon - there will be that certainty and we will all know what the evolved process is and we'll be able to navigate it confidently. Having a process to deal with the forms revisions is part of that, but having clear standards as to when revisions are and will be required is a bigger issue.
