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.
SUMMARY: 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. In addition, by adopting the 2008 versions of the manuals, the Office is preventing any potential challenges from insurers who may protest the Office using manuals which have not been formally adopted.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared.
Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
SPECIFIC AUTHORITY: 624.308 FS.
LAW IMPLEMENTED: 624.316 FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE HELD AT THE DATE,TIME AND PLACE SHOWN BELOW(IF NOT REQUESTED, THIS HEARING WILL NOT BE HELD):
DATE AND TIME: November 26, 2008, 9:30 a.m.
PLACE: 116 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, 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 IS: Kerry Krantz, Office of Insurance Regulation, E-mail kerry.krantz@fldfs.com
THE FULL TEXT OF THE PROPOSED RULE 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,________.