OIR Proposed Rule Hearing Recap: Forms Incorporated by Reference

On Tuesday, May 29, 2007, this office attended an Office of Insurance Regulation (OIR) Rule Hearing on Proposed Rule 690-207.003 entitled Forms Incorporated by Reference.  These forms are commonly used by specialty insurers. 

The forms incorporated include:

OIR-C1-448 (Statement of Acquisition, Merger or Consolidation of a Specialty Insurer)

OIR-C1-903 (Invoice for Non-U.S. Citizens with no Social Security Number)

OIR-C1-905 (Instructions for Furnishing Background Investigative Reports)

OIR-C1-938 (Fingerprint Card and Payment Instructions)

OIR-C1-1298 (Management Information Form Complete List of Officers, Directors, and Shareholders-10% or more)

OIR-C1-1423 (Biographical Data)

OIR-C1-144 (Service of Process Consent and Agreement)

There were no objections to the use of these forms at the Hearing.  However, there were some clarification suggestions and OIR took the matter of making any changes to the forms based on the comments at the hearing under advisement.  If substantive changes are made to any of the forms, then OIR should release a notice of change and another hearing would be held.  If there are not any substantive changes to the forms, then the rule will be considered for adoption by the Financial Services Commission.

We have attached a copy of the rulemaking notice and referenced forms for your review.

Please do not hesitate to contact this office with any questions regarding this matter.