The National Association of Insurance Commissioners (NAIC) has announced that the Coordinated Advertising Rate and Form Review Authority (CARFRA) filing process is now a reality. As one of the ten multistate review teams, Alabama is now accepting filings for the initial CARFRA products-annuities, term life and Medicare supplements. CARFRA provides a single point of filing and review, along with national standards, for these products issued on a multistate basis. Through CARFRA, consumers will be guaranteed state-of-the-art product reviews through a panel of qualified reviewers while speeding up the process for bringing new products to market.
The limited pilot program will be monitored and evaluated over the next several months as to effectiveness and the need for any enhancements.