These rules are being amended to adopt the 2015 NAIC Quarterly Statement Manuals, the 2014 NAIC Annual Statement Instructions Manuals, and the 2014 and 2015 NAIC Accounting Practices and Procedures Manuals. The current rule adopted the 2013 NAIC ...

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NO.:RULE TITLE:

69O-137.001 Annual and Quarterly Reporting Requirements

PURPOSE AND EFFECT: These rules are being amended to adopt the 2015 NAIC Quarterly Statement Manuals, the 2014 NAIC Annual Statement Instructions Manuals, and the 2014 and 2015 NAIC Accounting Practices and Procedures Manuals. The current rule adopted the 2013 NAIC Quarterly Statement Manuals, the 2012 NAIC Annual Statement Instructions Manuals, and the 2012 and 2013 NAIC Accounting Practices and Procedures Manuals. The rule is also being updated to reflect the current process for filing the annual and quarterly statements as well as to specify that annual and quarterly statements are to be filed electronically and not in any other format.

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.

The rule is being amended to adopt the 2015 NAIC Quarterly Statement Manuals, the 2014 NAIC Annual Statement Instructions Manuals, and the 2014 and 2015 NAIC Accounting Practices and Procedures Manuals. The current rule adopted the 2013 NAIC Quarterly Statement Manuals, the 2012 NAIC Annual Statement Instructions Manuals, and the 2012 and 2013 NAIC Accounting Practices and Procedures Manuals.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION: The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: Agency personnel familiar with the subject matter of the rule amendment have performed an economic analysis of the rule amendment that shows that the rule amendment is unlikely to have an adverse impact on the State economy in excess of the criteria established in Section 120.541(2)(a), Florida Statutes.

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.

RULEMAKING AUTHORITY: 624.308(1), 624.424(1) FS.

LAW IMPLEMENTED: 624.424(1) 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: February 12, 2015, 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: David Altmaier, Office of Insurance Regulation, E-mail: [e-mail]. 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: David Altmaier, Office of Insurance Regulation, E-mail: [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69O-137.001 Annual and Quarterly Reporting Requirements.

(1) The purpose of this rule is to establish uniform requirements for manual and automated reporting of annual and quarterly statement information for all authorized insurers as defined in Section 624.09, F.S.

(2) Each authorized insurer shall file with the Office a full and true statement of its financial condition, transactions, and affairs.

(a) An annual statement covering the preceding calendar year shall be filed on or before March 1, and quarterly statements covering the periods ending on March 31, June 30, and September 30 shall be filed within 45 calendar days after each such date.

(b) The Office shall grant an extension of time for filing an annual or quarterly statement if there exist conditions beyond the control of the authorized insurer, such as rehabilitation pursuant to Chapter 631, F.S., or the laws of the state of domicile; severe damage to the insurer’s physical premises by a natural or man-made disaster; or some other reason of similar gravity and severity. The extension shall be for the amount of time reasonable to file under the conditions which justified the extension.

(c) For purposes of this rule, the requirement that statements be filed with the Office means that the statement has been transmitted electronically to the National Association of Insurance Commissioners and that the executed Jurat page of said statement has been transmitted electronically to the Office via the Regulatory Electronic Filing System, “REFS” shall be physically on the premises of the Office’s headquarters in the Larson Building, 200 East Gaines Street, Tallahassee, Florida 32399-0300, on or before 5:00 p.m. on the applicable date specified in this subsection. The date stamp affixed by the Office’s electronic data processing system to the face page of the statement shall serve as evidence of the timeliness of the statement.  Annual and quarterly statements in any other format shall not be submitted to the Office.

(d) No information will be accepted through facsimile transmission.

(3) Annual and Quarterly Statement Manual and Automated Reporting.

(a) Annual and quarterly statements in manual form shall be identical to those filed in accordance with paragraph (b) below, and shall be filed with the Office in accordance with subsection (2), above.

(ab)1. Each insurer shall submit its annual and quarterly statement information electronically to the National Association of Insurance Commissioners in accordance with the electronic filing instructions in computer readable format using the diskette medium or other computer readable format compatible with the electronic data processing system specified in paragraph (bc) below.

2. Diskettes or information in a computer-readable format shall not be submitted to the Office.

3. Annual and quarterly statements in diskette form or other computer readable format shall be sent or transmitted electronically to the National Association of Insurance Commissioners, 120 West 12th Street, Suite 1100, Kansas City, Missouri 64105. The envelope shall be marked to indicate that diskettes are enclosed if that medium is used.

(b)(c)1. The National Association of Insurance Commissioners Annual Statement Diskette Filing Specifications or electronic transmission filing instructions specifications are hereby adopted and incorporated by reference.

2. A copy of these specifications may be obtained from the National Association of Insurance Commissioners at http://www.naic.org/industry_financial_filing.htm. at the address in paragraph (b), above.

3. These specifications may be inspected during regular business hours at the Office of Insurance Regulation, Larson Building, 200 East Gaines Street, Tallahassee, Florida 32399-0300.

(4) Manuals Adopted.

(a) Annual statements shall be prepared in accordance with the following manuals, which are hereby adopted and incorporated by reference:

1. The NAIC’s Annual Statement Instructions, Property and Casualty, 2014 2012;

2. The NAIC’s Annual Statement Instructions, Life, Accident and Health, 2014 2012;

3. The NAIC’s Annual Statement Instructions, Health, 2014 2012;

4. The NAIC’s Annual Statement Instructions, Title, 2014 2012; and

5. The NAIC’s Accounting Practices and Procedures Manual, as of March 2014 2012.

(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, 2015 2013;

2. The NAIC’s Quarterly Statement Instructions, Life, Accident and Health 2015 2013;

3. The NAIC’s Quarterly Statement Instructions, Health 2015 2013;

4. The NAIC’s Quarterly Statement Instructions, Title 2015 2013; and

5. The NAIC’s Accounting Practices and Procedures Manual, as of March 2015 2013.

(c) Copies of the manuals are available:

1. From the National Association of Insurance Commissioners at http://www.naic.org, 2301 McGee, Suite 800, Kansas City, MO 64108-2604, and

2. For inspection during regular business hours at the Office of Insurance Regulation, Larson Building, 200 East Gaines Street, Tallahassee, Florida 32399-0300 at the Office at its headquarters in Tallahassee, Florida, during regular business hours.

Rulemaking 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, 3-16-08, 3-4-09, 1-4-10, 9-28-11, 1-28-13, 9-15-13, _________________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: David Altmaier, Office of Insurance Regulation, E-mail: [e-mail]

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: THE FINANCIAL SERVICES COMMISSION

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: December 9, 2014

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: July 10, 2014