Florida Cabinet Advances NAIC-Related Rules, Affordable Care Act Notice of Estimated Premium Impacts

 

The Florida Cabinet met today, June 26, 2013, during which various regulatory requests by the Florida Office of Insurance Regulation (“OIR”) were considered.

OIR General Counsel Belinda Miller presented the agency’s agenda, all of which was adopted without comments or objections by Cabinet members. 

The Cabinet approved the following insurance-related proposed Rules for publication:

Rule 69O-137.001:  Annual and Quarterly Reporting Requirements

• Proposed amendments to Rule 69O-137.001, “Annual and Quarterly Reporting Requirements,” would adopt the 2012 versions of National Association of Insurance Commissioners (“NAIC”) Annual Statement Instructions and Manuals.  Section 624.424, F.S. requires insurers to file quarterly and annual financial reports with the OIR and allows the OIR to enact rules setting the standards for those reports.  By adopting the current versions of these instructions and manuals, the OIR is establishing up-to-date, uniform standards for annual and quarterly reports, thus providing the necessary information for the OIR to evaluate insurers’ financial conditions.

Rule 69O-138.001:  NAIC Financial Condition Examiners Handbook Adopted

• Proposed amendments to Rule 69O-138.001, “NAIC Financial Condition Examiners Handbook Adopted,” would adopt the 2013 NAIC Financial Condition Examiners Handbook.  Section 624.316, F.S. requires the OIR to examine insurers’ financial condition using Generally Accepted Accounting Procedures.  This statute also allows the OIR to adopt the NAIC Financial Condition Examiners Handbook to facilitate these exams.  By adopting the newest version of the Handbook, this Rule ensures that the procedures used by the OIR to examine insurers are up-to-date.  The current Rule adopted the 2011 version.

Rule 69O-149.022: Forms Adopted

• Development of Rule 69O-149.022, “Forms Adopted,” will entail specifics regarding the “Notice of Estimated Premium Impacts from the Federal Patient Protection and Affordable Care Act” required by CS/SB 1842, which amended Section 627.410, F.S.  This notice will be required to be sent to all individual and small group non-grandfathered health plans or health maintenance organizations.

To view today’s complete Cabinet agenda, click here.

 

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