This rule is being amended to adopt the 2017 NAIC Quarterly Statement Manuals, the 2016 NAIC Annual Statement Instructions Manuals, the 2016 and 2017 NAIC Accounting Practices and Procedures Manuals and 2017 NAIC User’s Guide. The current rule ...

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NO.:RULE TITLE:

69O-137.001Annual and Quarterly Reporting Requirements

PURPOSE AND EFFECT: This rule is being amended to adopt the 2017 NAIC Quarterly Statement Manuals, the 2016 NAIC Annual Statement Instructions Manuals, the 2016 and 2017 NAIC Accounting Practices and Procedures Manuals and 2017 NAIC User’s Guide. The current rule adopted the 2016 NAIC Quarterly Statement Manuals, the 2015 NAIC Annual Statement Instructions Manuals, and the 2015 and 2016 NAIC Accounting Practices and Procedures Manuals.

SUMMARY: Section 624.424, Florida Statutes, requires insurers to file quarterly and annual financial reports with the Office of Insurance Regulation and allows the Commission 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.

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:

DATE AND TIME: April 13, 2017 at 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: Robert Ridenour, 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: Robert Ridenour, 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) through (3)(a) No Change

(b)1. The National Association of Insurance Commissioners electronic transmission filing instructions (Financial Internet Filing Online User’s Guide 2017 2016) are hereby adopted and incorporated by reference, https://www.flrules.org/Gateway/reference.asp?No=Ref-05718.

2. No Change

(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, 2016 2015;

2. The NAIC’s Annual Statement Instructions, Life, Accident and Health, 2016 2015;

3. The NAIC’s Annual Statement Instructions, Health, 2016 2015;

4. The NAIC’s Annual Statement Instructions, Title, 2016 2015; and,

5. The NAIC’s Accounting Practices and Procedures Manual, as of March 2016 2015.

(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, 2017 2016;

2. The NAIC’s Quarterly Statement Instructions, Life, Accident and Health, 2017 2016;

3. The NAIC’s Quarterly Statement Instructions, Health, 2017 2016;

4. The NAIC’s Quarterly Statement Instructions, Title, 2017 2016; and,

5. The NAIC’s Accounting Practices and Procedures Manual, as of March 2017 2016.

(c) Copies of the manuals are available:

1. and 2. No Change

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, 7-28-15, 10-25-16, Amended                                          .

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Robert Ridenour, 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: March 14, 2017

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: February 22, 2017