Revised Florida Annual Audited Financial Reports Rule Now Effective
Sep 28, 2010
Effective September 21, 2010, Rule 69O-137.002, entitled “Annual Audited Financial Reports”(also known as the ‘Model Audit Rule’) was revised to improve the Florida Office of Insurance Regulation’s surveillance of insurers’ financial condition, as well as conform the existing Rule to the National Association of Insurance Commissioners’ (“NAIC”) Model Audit Rule amendments. The interstate uniformity resulting from the adoption is expected to reduce the cost of doing business in Florida. Also, substantial conformity of these amendments to the Model Audit Rule is also required for NAIC accreditation.
As adopted, Rule 69O-137.002 provides for the exemption of certain insurers under certain circumstances.
To access the complete Rule text, click here.
Should you have any questions or comments, please contact Colodny Fass.