Speed to Market – Insurance company working in conjunction with state of domicile (lead state), where seeking expansion (target) states and facilitated by the National Treatment and Coordination (E) Working Group (NTCWG) to expand operations into multiple States.
(1) Applicant Company must work in concert with lead state to ensure baseline compliance:
- Applicant Company is in good standing with its lead State. It is not presently under or pending any regulatory actions, unless regulators have agreed upon a strategic plan to address such regulatory actions and a speed to market approach is needed.
- Applicant Company meet the minimum cap, surplus or net worth requirements of the target States.
- Applicant Company meets or has approval to waive seasoning requirements of the target States.
- Applicant Company has the appropriate or like kind licensing authority in its state of domicile as to what it is seeking in the target States.
- Applicant Company has identified all state specific issues related to the target states and is willing to meet them.
(2) Applicant Company and Lead State will request from NTCWG the speed to market process:
- Applicant Company must have ownership commitment, managerial competence and financial wherewithal to ensure it can successfully operate in all target states.
- Applicant Company will ensure compliance and management commitment to the UCAA electronic expansion application process.
- Lead State will assist target states by sharing of information (IPS, etc.) and regulatory thought processes (addressing any RBC, funding, reinsurance issues and how the Applicant company addressed the issues raised by lead state)
- Outline timelines and expectations.
- Establish both universal points of contact for the Applicant Company, lead state, and target states.
- Note any regulatory issues that might arise.
If NTCWG approves and 2 weeks after the Applicant Company has filed an expansion application:
- NTCWG will initiate a “kick off meeting” with Applicant Company, lead state, target states, NTCWG co-chairs and NAIC staff noting the following:
- General back ground of the Applicant Company.
- Address timelines/expectations.
- Note any potential regulatory concerns.
Lead State will work in concert with NTCWG (via staff support) to set up Regulator to regulator only call (Lead State, target States, NTCWG co-chairs):
- Discuss lead state IPS.
- Get initial consideration as to status of application and proposed timeline for licensing:
- Target states still have deficiencies and concerns.
- What target states are ready to recommend approval.
- If needed, schedule call to include Applicant Company.
- Schedule date and time for next conference call to continue discussion.
As needed, all stakeholders follow up calls to address deficiencies and status of application.