CARFRACoordinated Advertising Rate and Form Review Authority (National Association of Insurance Commissioners)
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Ferguson describes the current state of CARFRA as an important first step toward improvement to the product-approval process, because now when a company files a product with CARFRA it still must match the standards to state regulations.
CARFRA, which has been rolled out in 10 states, provides a multistatefiling approval process.
A filing with CARFRA is considered a filing with each of the participating states.
Even if a product receives CARFRA approval, an insurer may have to change the product and submit it again in some states to meet specific statutory requirements.