Florida Office of Insurance Regulation to Update Reporting Requirements and Financial Condition Examiners Handbook
Aug 17, 2009
The Florida Department of Financial Services, Office of Insurance Regulation (“OIR”) has scheduled the following hearings regarding proposed Rules for insurer reporting requirements and financial examinations (click on the hyperlinks to access the complete Rule text and other information):
69O-137.001: Annual and Quarterly Reporting Requirements
This Rule is being amended to adopt the 2009 NAIC Quarterly Statement Instructions and the 2009 NAIC accounting practices and procedures manual. Florida law requires insurers to file quarterly and annual financial reports with the OIR. The proposed Rule would ensure that all reports are in a standard format that provides the information needed to evaluate an insurer’s financial condition. In addition, by adopting the 2009 versions of the manuals, the OIR is negating any potential challenges by insurers regarding the use of manuals that have not been formally adopted.
69O-138.001: NAIC Financial Condition Examiners Handbook Adopted
This Rule is being amended to adopt the 2009 NAIC Financial Condition Examiners Handbook. The current Rule adopted the 2008 version. Florida law requires the OIR to examine an insurer’s financial condition using generally accepted accounting procedures. By adopting the newest version of the handbook, this Rule would help ensure that the OIR procedures used to examine insurers are based upon the current generally accepted accounting practices.
If requested, a Rule hearing will be held for both proposed Rules as follows:
September 15, 2009 at 9:30 a.m.
200 East Gaines Street; 143 Larson Building; Tallahassee, Florida
Should you have any comments or questions, please contact Colodny Fass.
To unsubscribe from this newsletter, please send an email to ccochran@cftlaw.com.