Insurer Reporting Requirements, NAIC Financial Condition Examiners Handbook Rules to be Updated
May 25, 2016
The comment period is open until May 31, 2016 for proposed amendments to Rule 69O-137.001, entitled “Annual and Quarterly Reporting Requirements,” and Rule 69O-138.001 “NAIC Financial Condition Examiners Handbook Adopted,” after which the Florida Office of Insurance Regulation (“OIR”) will schedule a June 2 hearing on the two regulations if one is requested.
Proposed Rule 69O-137.001, “Annual and Quarterly Reporting Requirements,” is being amended to adopt the 2016 National Association of Insurance Commissioners (“NAIC”) Quarterly Statement Manuals, the 2015 NAIC Annual Statement Instructions Manuals, the 2015 and 2016 NAIC Accounting Practices and Procedures Manuals and 2016 NAIC User’s Guide. The current Rule adopted the 2015 NAIC Quarterly Statement Manuals, the 2014 NAIC Annual Statement Instructions Manuals, and the 2014 and 2015 NAIC Accounting Practices and Procedures Manuals.
Section 624.424, Florida Statutes requires insurers to file quarterly and annual financial reports with the OIR and allows the agency to enact rules setting the standards for those reports. By adopting the current versions of these NAIC instructions and manuals, the OIR is establishing up-to-date, uniform standards for annual and quarterly reports which will provide the information necessary for the agency to evaluate insurers’ financial conditions.
Rule 69O-138.001, “NAIC Financial Condition Examiners Handbook Adopted,” is being amended to adopt the 2015 and 2016 NAIC Financial Condition Examiners Handbooks. The current Rule adopted the 2014 and 2015 versions of these handbooks. Section 624.316, Florida Statutes requires the OIR to examine insurer’s financial condition using Generally Accepted Accounting Principles and allows the OIR to adopt the NAIC Financial Condition Examiners Handbook to facilitate these exams. By adopting the newest version of the Handbook, this Rule ensures that the procedures used by the OIR to examine insurers are the current Generally Accepted Accounting Principles.
Should you have any questions or comments, please contact Colodny Fass.
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