Annual Audited Financial Reports

DEPARTMENT OF FINANCIAL SERVICES
OIR – Insurance Regulation

Rule No.: RULE TITLE
69O-137.002: Annual Audited Financial Reports

NOTICE OF CHANGE

Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 36 No. 12, March 26, 2010 issue of the Florida Administrative Weekly.

Notice is hereby given that in the original notice of change published on July 16, 2010 in FAW the following changes were inadvertently omitted:

In 69O-137.002(14)(g), Note A will now read as follows: “The Office has authority afforded by Section 624.4085, F.S., to require the entity’s board to enact improvements to the independence of the Audit committee membership if the insurer is in a Risk Based Capital action level event, meets one or more of the standards of an insurer deemed to be in hazardous financial condition, or otherwise exhibits qualities of a troubled insurer.”

69O-137.002(17)(a) will now read as follows: “Upon written application of any insurer, the Office shall grant an exemption from compliance with any and all provisions of this rule the filing of an annual audited financial report received by the Office by March 1 of the year following the calendar year to which the application applies if the Office finds, upon review of the application, that compliance with this regulation would constitute an undue financial or organizational hardship upon the insurer the insurer is under an order of receivership, conservatorship, rehabilitation, or is in another delinquency proceeding by the public insurance supervising official of any state, and the insurer has been granted an exemption from filing an annual audited financial report by its state of domicile. An exemption shall be granted for one year only. Exemptions for future years require additional applications.”

The remainder of the rule reads as previously published and changed by the July 16, 2010 Notice of Change.