PARs closing
In the last week or so, I have received a couple of closing letters from the NYSID on Post-Approval Review files. They have been good news!
Not only were the files closed, but these files were closed with no revisions for in-force business and no new forms for use on a going forward basis! That result is a very good one. The process, however, was long and, more than once, very frustrating. Well over a year is a long time for a company to be in limbo when there is an approved form's status in doubt. There were many rounds of correspondence with both legal and actuarial. There were many months in between each round.
All that said, I am hopeful that working together we are making progress not only on the substantive issues over which there may be disagreement, but also with the process. I am hopeful that these closing letters are an indication that with some additional experience on both sides, the process is improving and that it will go more quickly for future reviews than it did for these. Good news makes me hopeful that more closing letters will come in and more PARs will come to positive conclusions!
