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PA Bulletin, Doc. No. 12-1321

NOTICES

Life Insurance Products; Revised Checklists

[42 Pa.B. 4552]
[Saturday, July 14, 2012]

 The Insurance Department (Department) has recently made significant changes that will give consumers more choices when looking to purchase Life insurance products in this Commonwealth's market. The Department recognizes the importance of improving efficiencies and has been working on the transformation of the Life product form filing process. Several months ago, the Department embarked on a project to revise and streamline Life product filing checklists, with a focus on promoting speed to market and product innovation. The previous process was causing delays in Life product development, therefore not allowing consumers in this Commonwealth access to the same products that were available to consumers in other states. These efforts have resulted in nearly a 60% reduction in the size and scope of the Life product checklists. The revised checklists are available on the Department's web site at www.insurance.pa.gov. By streamlining, and in many cases eliminating unnecessary review standards, new products will be more readily available to consumers. Regulatory compliance will continue to be monitored through the Department's various Market Actions oversight and Enforcement activities.

 Questions may be directed to Peter Camacci at pcamacci@pa.gov.

MICHAEL F. CONSEDINE, 
Insurance Commissioner

[Pa.B. Doc. No. 12-1321. Filed for public inspection July 13, 2012, 9:00 a.m.]


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