This is the Final Public Hearing on the adoption of proposed amendments to Rule 69O-203.070, Florida Administrative Code, published on April 18, 2008 in Vol. 34, No. 16, of the Florida Administrative Weekly, No notice of change was published.; July ...

 

DEPARTMENT OF FINANCIAL SERVICES
OIR – Insurance Regulation

RULE NO: RULE TITLE
69O-203.070: Annual and Quarterly Reports
The Financial Services Commission announces a public hearing to which all persons are invited.

DATE AND TIME: July 29, 2008, 9:00 a.m., during a regular meeting of the Financial Services Commission

PLACE: Cabinet Meeting Room, Lower Level, The Capitol, Tallahassee, Florida

SUBJECT MATTER TO BE CONSIDERED: This is the Final Public Hearing on the adoption of proposed amendments to Rule 69O-203.070, Florida Administrative Code, published on April 18, 2008 in Vol. 34, No. 16, of the Florida Administrative Weekly, No notice of change was published.

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this program, please advise the contact person at least 5 calendar days before the program by contacting: Marie Bachman, L&H Financial Oversight at email [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 FULL TEXT OF THE PROPOSED RULE IS:

69O-203.070 Annual and Quarterly Reports.

(1)(a) Pursuant to Section 636.043, F.S., eEach PLHSO shall furnish to the Office an annual report by April 1, or within 3 months after the end of the reporting period at the time specified in Section 636.043, F.S., on NAIC Annual Statement Health Blanks, forms OIR-1131 and OIR-1132 as adopted which are incorporated by reference in Rule 69O-137.001 69O-203.100, F.A.C.

(b) The completed annual statement form shall be accompanied by the items required in Section 636.043, F.S., and as well as an organization chart of the PLHSO identifying ownership and affiliated parent and subsidiary companies, and shall be submitted by April 1, or within three months after the end of its reporting period.

(2) Each PLHSO or applicant shall notify the Office of any legal proceeding, excluding traffic infractions, involving any person subject to providing biographical information. This shall include, but not be limited to, any and all criminal, civil, and administrative actions entered by any state or federal entity and to include pending but yet unresolved actions.

(3) Any PLHSO which has operations in states other than Florida shall file its annual report based upon its total operations. In addition, the PLHSO shall file a separate schedule of all financial statements specified in the annual report form, including the audited financial statement, which covers the Florida operations only.

(4) If a PLHSO constitutes a portion of or a division of a certificated entity, the entity shall file its annual report based upon its total operations. In addition, the entity shall file a separate schedule of all financial statements specified in the annual report form, including the audited financial statement, which covers the PLHSO operation only.

(5) The annual report shall include disclosure of material transactions between the PLHSO and a related party. The disclosure shall include:

(a) The nature of the relationship(s) involved.

(b) A description of the transaction, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transaction on the financial statements.

(c) The dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period.

(d) Amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

(6) Quarterly reports shall be submitted to the Office within forty-five (45) days following the end of each operating quarter. The initial operating quarter commences after the issuance of a Ccertificate of Aauthority. Quarterly reports shall be submitted in accordance with Section 636.043, F.S., on NAIC Quarterly Statement Health Blanks, form OIR-1136 as adopted in Rule 69O-137.001, incorporated by reference in Rule 69O-203.100, F.A.C., and shall contain the following supplemental schedules:

(a) A complete identification and dollar value breakdown of all short term investments with individual balances greater than 10% of total short term investments;

(b) A complete list of all debtors with account balances greater than 10% of total prepaid expenses;

(c) An aging analysis on all premium receivables;

(d) A complete aging, identification, and dollar value breakdown of all prepaid expenses with individual balances greater than 10% of total prepaid expenses;

(e) A complete identification and dollar value breakdown of all restricted assets and restricted funds with individual balances greater than 10% of the respective account balance total;

(f) A complete identification and dollar value breakdown of all long term investments with individual balances greater than 10% of total long term investments;

(g) A complete identification and dollar value breakdown of other assets with individual balances greater than 10% of total other assets;

(h) All surplus notes shall be identified by a complete identification and dollar value breakdown and shall be accompanied by a copy of the surplus note agreement. Each PLHSO is required to submit four (4) quarterly reports in addition to an annual report each fiscal year.

Specific Authority 636.067 FS. Law Implemented 636.009(1)(f), 636.043, 626.058 FS. History–New 11-15-94, Formerly 4-203.070, Amended________.

 

A copy of the agenda may be obtained by contacting the Governor and Cabinet Website at http://www.myflorida.com/myflorida/cabinet/mart.html. The agenda should be available approximately one week before the cabinet meeting.