CARFRACoordinated Advertising Rate and Form Review Authority (National Association of Insurance Commissioners)
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CARFRA will allow insurers to file at one location on the Internet.
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.
ACLI's Ferguson thinks the number of deviations is the chief reason that only one company--Prudential Financial--has had a product approved by CARFRA. 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.
Ferguson suggests that state legislation authorizing the insurance commissioner to accept CARFRA standards may be one way to address the state deviations.
Coordinated Advertising Rate and A review team that approves new Form Review Authority (CARFRA) products on a nationwide basis.
A filing with CARFRA is considered a filing with each of the participating states.