Florida Office of Insurance Regulation To Update Insurance Accounting Procedures Rules
Mar 3, 2017
The Florida Office of Insurance Regulation (“OIR”) has advised it will be updating two Rules relating to insurance accounting procedures. If a Rule Development Workshop is requested for either Rule, it will be scheduled for March 8, 2017 at 9:30 a.m. in Tallahassee.
Rule 69O-137.001, entitled “Annual and Quarterly Reporting Requirements,” is being updated to adopt the 2017 National Association of Insurance Commissioners’ (“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.
Section 624.424, Florida Statutes requires insurers to file quarterly and annual financial reports with the Office of Insurance Regulation and allows the OIR to enact rules setting the standards for those reports. By adopting the current versions of these NAIC instructions and manuals, the OIR is establishing up-to-date, uniform standards for annual and quarterly reports which will provide the information necessary for the OIR to evaluate insurers’ financial conditions.
To view the Notice of Rule Development, click here.
The OIR will also revise Rule 69O-138.001, entitled “NAIC Financial Condition Examiners Handbook Adopted” to adopt the 2016 and 2017 NAIC Financial Condition Examiners Handbooks. The current Rule adopted the 2015 and 2016 versions of these handbooks.
Section 624.316, Florida Statutes requires the OIR to examine insurers’ financial condition using Generally Accepted Accounting Procedures and 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 current.
To view the Notice of Rule Development, click here.
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