6330916, 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: 6330916

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 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.

RULEMAKING AUTHORITY:

624.308 FS.

LAW:

624.316 FS.

PRINT PUBLISH DATE:

10/24/2008 Vol. 34/43

COMMENTS:

From 10/24/2008 To 11/14/2008 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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