Correction: Florida Office of Insurance Regulation Reviews Proposed Changes to Annual and Quarterly Reporting Requirements
Aug 14, 2012
Correction: Please note the corrected headline above
The Florida Office of Insurance Regulation (“OIR”) held a Hearing today, August 14, 2012, on Rule 69O-137.001, entitled “Annual and Quarterly Reporting Requirements.” The proposed Rule is being amended to adopt the current National Association of Insurance Commissioners (“NAIC”) Annual Statement Instructions and the most recent version of the NAIC Accounting Practices and Procedures Manual.
The hearing was conducted by OIR Assistant General Counsel Jason Nelson. Kerry Krantz, an actuary with the OIR’s Life and Health Financial Oversight unit, stated that the hearing was requested to discuss the changes to Actuarial Guideline 38 currently being developed by the NAIC.
Proposed changes to Actuarial Guideline 38, which is part of the NAIC Accounting Practices and Procedures Manual, will be effective December 31, 2012.
Mr. Krantz stated that a paragraph will be added to Rule 69O-137.001 to refer to the changes to Actuarial Guideline 38 if those changes ultimately are adopted by the NAIC.
Section 624.424, F.S. requires insurers to file quarterly and annual financial reports with the OIR. It also allows the OIR to enact rules setting the standards for those reports. According to the OIR, by adopting the current versions of these NAIC instructions and manuals, it is establishing up-to-date, uniform standards for annual and quarterly reports that will provide the information necessary for insurers’ financial conditions to be evaluated.
In addition, by adopting the 2011 versions of the manuals, the OIR is preventing any potential challenges from insurers that may protest its use of manuals that have not been formally adopted.
There were no comments or testimony offered at today’s hearing.
The record will be left open for 10 business days.
To view the meeting notice and full text of the proposed Rule, click here.
Should you have any comments or questions, please contact Colodny Fass& Webb.
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