This rule amendment adopts the new (2005) NAIC blanks for filing financial statements, and makes changes in the existing rule to account for internal organizational changes.

DEPARTMENT OF FINANCIAL SERVICES
OIR Insurance Regulation

RULE NO: RULE TITLE
69O-144.002: Approval Procedures
69O-144.005: Credit for Reinsurance
PURPOSE AND EFFECT: This rule amendment adopts the new (2005) NAIC blanks for filing financial statements, and makes changes in the existing rule to account for internal organizational changes.
SUMMARY:
SUMMARY OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared.
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.
SPECIFIC AUTHORITY: 624.308, 624.610(14) FS.
LAW IMPLEMENTED: 624.307(1), (2), (3), (5), 624.316, 624.317, 624.318, 624.321, 624.324, 624.34, 624.401, 624.404, 624.407, 624.413, 624.424, 624.501(20)(c), 624.5091, 624.610, 628.051, 628.061, 628.801, 629.081 FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE HELD AT THE TIME, DATE AND PLACE SHOWN BELOW(IF NOT REQUESTED, THIS HEARING WILL NOT BE HELD):
TIME AND DATE: May 18, 2006, 9:30 a.m.
PLACE: Room 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: Claude Mueller, Property and Casualty Financial Oversight, 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: Claude Mueller, Property and Casualty Financial Oversight, Office of Insurance Regulation, E-mail [e-mail].

THE FULL TEXT OF THE PROPOSED RULE IS:

69O-144.002 Approval Procedures.

(1) An insurer seeking the status of an accredited reinsurer pursuant to Section 624.610(3)(b)1., Florida Statutes, shall comply with the instructions contained in Form OIR-C1-923, “Application For Accredited Reinsurer Status,” rev. 5/02 and submit the following forms. Forms relating to specific types of insurance are to be submitted only by companies issuing policies relating to the type of insurance specified on the form.

(a) Form OIR-C1D0-927, “Application To Conduct Business In The State of Florida Accredited Reinsurer Status,” rev. 5/02;

(b) Form OIR-C1D0-903, “Invoice, Request For Payment of Fingerprint Charges,” rev. 4/97;

(c) Form OIR-C1D0-1524, “Uniform Consent to Service of Process,” rev. 5/02;

(d) Form OIR-D0-516, “Insurance Holding Company System Registration Statement,” rev. 4/97;

(e) Form OIR-C1D0-1298, “Management Information Form,” rev. 4/97;

(f) Form OIR-C1D0-1423, “Biographical Affidavit,” rev. 5/02;

(g) Fingerprint cards furnished by the Office, according to instructions in Form OIR-C1D0-938, “Fingerprint Card Instructions,” rev. 5/02;

(h) The material required by Form OIR-C1D0-905 “Instructions for Furnishing Background Investigative Reports,” rev. 2/01;

(i) OIR-C1D0-1464, “FORM AR-1 Certificate of Assuming Insurer,” rev. 5/02;

(j) OIR-C1D0-1465, “Invoice, Payment of Application Filing Fees,” rev. 5/02;

(k) OIR-C1D0-1538, “Checklist Verification,” rev. 5/02;

(l) through (2) No change.

(3) An insurer seeking the status of a trusteed reinsurer pursuant to Section 624.610, Florida Statutes, shall comply with the instructions contained in Form OIR- C1D0-1466, “Application for Trusteed Reinsurer Status For Single Assuming Reinsurer,” rev. 5/ 02 and submit the following:

(a) through (d) No change.

(e) Form OIR- C1D0-1524, “Uniform Consent to Service of Process,” rev. 5/02;

(f) Form OIR- C1D0-1298, “Management Information Form,” rev. 4/97;

(g) Form OIR- C1D0-1423, “Biographical Affidavit,” rev. 5/02 for all individuals listed on Form OIR-C1D0-1298;

(h) Form OIR- C1D0-1469, rev. 5/02, “Certificate of Assuming Insurer to Submit to Examination and Bear the Cost of Examination”;

(i) “Checklist Trust Agreement for Trusteed Reinsurer” is included in Form OIR-C1-1466, rev. 5/02; and.

(j) Form OIR- C1D0-1538, “Checklist Verification,” rev. 5/02.

(4) All forms listed in subsections (1) and (3), above, are hereby adopted and incorporated by reference. All forms may be obtained from and shall be submitted to the Company Admissions Applications Coordination Section, Division of Insurer Services, Office of Insurance Regulation, Larson Building, 200 East Gaines Street, Tallahassee, FL 32399-0332. All checks shall be made payable to the Office of Insurance Regulation.

Specific Authority 624.308, 624.610(14) FS. Law Implemented 624.307(1), (2), (3), (5), 624.316, 624.317, 624.318, 624.321, 624.324, 624.34, 624.401, 624.404, 624.407, 624.413, 624.424, 624.501(20)(c), 624.5091, 624.610, 628.051, 628.061, 628.801, 629.081 FS. History–New 1-30-91, Formerly 4-108.002, Amended 5-12-94, 10-13-02, Formerly 4-144-002, Amended________.

 

69O-144.005 Credit for Reinsurance.

(1) No change.

(2) Credit for reinsurance by a domestic insurer shall be allowed when the reinsurance is ceded to an assuming insurer which is accredited as a reinsurer in this state pursuant to Section 624.610(3)(b), Florida Statutes and Rule 69O-144.002, F.A.C., as of any date on which statutory financial statement credit for reinsurance is claimed. An accredited reinsurer pursuant to Section 624.610(3)(b), Florida Statutes:

(a)1. Files with the Office a properly executed Form OIR-C1-1464 OIR-D0-1, which is hereby adopted and incorporated by reference, as evidence of its submission to this state’s jurisdiction and to this state’s authority to examine its books and records.

2. Form OIR-C1-1464 OIR-D0-1 is available from, and shall be submitted to the following: for life and health insurers, Bureau of Life and Health Financial Oversight Insurer Solvency and Market Conduct, 200 East Gaines Street, Tallahassee, Florida 32399-0327; for property and casualty insurers, Bureau of Property and Casualty Financial Oversight Insurer Solvency and Market Conduct, 200 East Gaines Street, Tallahassee, Florida 32399-0329;

(b) Is licensed to transact insurance or reinsurance in at least one state, or in the case of a U.S. branch of an alien assuming insurer, is entered through and licensed to transact insurance or reinsurance in at least one state; and

(c) Files annually and quarterly with the Office a copy of its annual and quarterly statements filed on the National Association of Insurance Commissioners convention blanks, which are hereby adopted and incorporated by reference, with the insurance department of its state of domicile or, in the case of a U.S. branch of an alien assuming insurer, with the state through which it is entered and in which it is licensed to transact insurance or reinsurance, and a copy of its most recent audited financial statement and maintains a surplus as regards policyholders in accordance with Section 624.610(3)(b)1.d., Florida Statutes, and whose approval has been granted by the Office. If quarterly statements are not required by the state of domicile, quarterly statements shall only be required upon written request of the Office. The following National Association of Insurance Commissioners blanks are hereby adopted and incorporated by reference:

1. NAIC Annual Statement Blank Life/Accident/Health 2005 2001,

2. NAIC Quarterly Statement Blank Life/Accident/Health 2005 2001,

3. NAIC Annual Statement Blank Health 2005 2001,

4. NAIC Quarterly Statement Blank Health 2005 2001,

5. NAIC Annual Statement Blank Property and Casualty 2005; and 2001,

6. NAIC Quarterly Statement Blank Property and Casualty 2005 2001.

(3) through (7) No change.

Specific Authority 624.308 FS. Law Implemented 624.307(1), 624.610 FS. History–New 1-30-91, Formerly 4-108.005, Amended 12-25-97, 10-13-02, Formerly 4-144-005, Amended________.

NAME OF PERSON ORIGINATING PROPOSED RULE: Claude Mueller, Directory, Property and Casualty Financial Oversight, Office of Insurance Regulation.
NAME OF SUPERVISOR OR PERSON WHO APPROVED THE PROPOSED RULE: Tom Streukens, Deputy Commissioner, Office of Insurance Regulation.
DATE PROPOSED RULE APPROVED BY AGENCY HEAD: March 21, 2006
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: December 9, 2005