Jason Robbins

The NAIC Biographical Affidavit is a key element of TPA applications in several states. While some states have developed their own affidavit, the majority will accept the form published by the NAIC. Generally, biographical affidavits need to be completed by all officers, directors, key management personnel, or any shareholder of 10% or more of the Applicant entity. These individuals are busy, and this is a lengthy form to complete. However, providing these individuals with some guidance and stressing the importance these forms in their entirety is crucial. Here are a few tips to share with the individuals who will be completing these forms so you can get to market faster.

• Verify that the affidavit being completed is on the newest edition of the NAIC Biographical Affidavit.
• Make sure the affidavit is executed within the last 6 months. The affidavits expire 6 months after they are executed.
  • Best Practice Tip: Ask these individuals to update their information at regular intervals, such as quarterly meetings. This will ensure updated information is available when it is time to apply for additional states.

  Don’ts

  • Guess on dates. I know the residency and work history sections can test your memory but take the time to verify this information prior to executing.
  • Leave an answer blank. Doing this will assuredly result in a request for additional information from the regulator. The instructions explicitly state, “IF ANSWER IS “NO” OR “NONE,” SO STATE”.
    • Best Practice Tip: “No” or “None” means just that. “Not Applicable”, “N/A” or similar answers will not be accepted.

    If your management team is in a hurry to get a licensed approved, make sure they understand the importance of giving these affidavits the necessary attention to facilitate the fastest review possible.

    For more information on how First Consulting can simplify and accelerate your TPA application process, click here or contact one of our experienced consultants.