11713543, 69O-137.001 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 11713543

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

OIR – Insurance Regulation

Chapter:

INSURER REPORTING REQUIREMENTS

Overview

RULE:

69O-137.001

Annual and Quarterly Reporting Requirements

PURPOSE:

This rule is being amended to adopt the current NAIC Annual Statement Instructions and also adopts the 2011 NAIC accounting practices and procedures manual.

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 adopting the current versions of these NAIC instructions and manuals, the Office is establishing up-to-date, uniform standards for annual and quarterly reports which will provide the information necessary for the Office to evaluate insurers’ financial conditions. In addition, by adopting the 2011 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.

RULEMAKING AUTHORITY:

624.308(1), 624.424(1), FS.

LAW:

624.424(1) , FS.

PRINT PUBLISH DATE:

7/20/2012 Vol. 38/29

COMMENTS:

From 7/20/2012 To 8/10/2012 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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