Notice of Development of Rulemaking

DEPARTMENT OF FINANCIAL SERVICES
OIR – Insurance Regulation
RULE NO: RULE TITLE
69O-137.001: Annual and Quarterly Reporting Requirements
PURPOSE AND EFFECT: This rule is being amended to adopt the 2008 NAIC manuals for annual and quarterly statements and also adopts the 2008 NAIC accounting practices and procedures manual. The 2008 version is the latest version of these manuals. The current rule adopted the 2007 version.
SUBJECT AREA TO BE ADDRESSED: Section 624.424, Florida Statutes, requires insurers to file quarterly and annual financial reports with the Office of Insurance Regulation and allows the Office to enact rules setting the standards for those reports. By establishing up-to-date, uniform standards for annual and quarterly reports, this rule enhances the Office’s position under the statute. This rule ensures that all reports are in a standard format which provides the information needed to evaluate the insurer’s financial condition.
SPECIFIC AUTHORITY: 624.308 FS.
LAW IMPLEMENTED: 624.316 FS.
IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:
TIME AND DATE: September 4, 2008, 9:30 a.m.
PLACE: 142 Larson Building, 200 East Gaines Street, Tallahassee, Florida
Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 days before the workshop/meeting by contacting: Kerry Krantz, Bureau of Life and Health, Office of Insurance Regulation, E-mail kerry.krantz@fldfs.com. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Kerry Krantz, Bureau of Life and Health, Office of Insurance Regulation, E-mail kerry.krantz@fldfs.com

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS:

69O-137.001 Annual and Quarterly Reporting Requirements.

(1) through (3) No change.

(4) Manuals Adopted.

(a) Annual and quarterly statements shall be prepared in accordance with the following manuals, which are hereby adopted and incorporated by reference:

1. The NAIC’s Quarterly and Annual Statement Instructions, Property and Casualty, 2008 2007;

2. The NAIC’s Quarterly and Annual Statement Instructions, Life, Accident and Health, 2008 2007;

3. The NAIC’s Quarterly and Annual Statement Instructions, Health, 2008 2007;

4. The NAIC’s Quarterly and Annual Statement Instructions, Title, 2008 2007; and

5. The NAIC’s Accounting Practices and Procedures Manual, as of March 2008 2007.

(b) Quarterly statements shall be prepared in accordance with the following manuals, which are hereby adopted and incorporated by reference:

1. The NAIC’s Quarterly Statement Instructions, Property and Casualty, 2008;

2. The NAIC’s Quarterly Statement Instructions, Life, Accident and Health, 2008;

3. The NAIC’s Quarterly Statement Instructions, Health, 2008;

4. The NAIC’s Quarterly Statement Instructions, Title, 2008; and

5. The NAIC’s Accounting Practices and Procedures Manual, as of March 2008.

(c)(b)  Copies of the manuals are available:

1. From the National Association of Insurance Commissioners, 2301 McGee, Suite 800, Kansas City, MO 64108-2604, and

2. For inspection at the Office at its headquarters in Tallahassee, Florida, during regular business hours.

Specific Authority: 624.308(1), 624.424(1) FS. Law Implemented: 624.424(1) FS. History–New 3-31-92, Amended 8-24-93, 4-9-95, 4-9-97, 4-4-99, 11-30-99, 2-11-01, 4-5-01, 12-4-01, 12-25-01, 8-18-02, 7-27-03, Formerly 4-137.001, Amended 1-6-05, 9-15-05, 1-25-07,_________.