- Florida Office of Insurance Regulation Updates NAIC Annual and Quarterly Reporting Requirements, Financial Condition Examiners Handbook
- August 4, 2015
- Law Firm: Colodny Fass P.A. - Sunrise Office
- Revisions to two Rules relating to National Association of Insurance Commissioners ("NAIC")-prescribed procedures adopted by the Florida Office of Insurance Regulation ("OIR") became effective yesterday, July 28, 2015.
Following are the Rules and a summary of changes to each:
69O-137.001 Annual and Quarterly Reporting Requirements.
Section 624.424, F.S. requires insurers to file quarterly and annual financial reports with the OIR. It also 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 that will provide the information necessary for the agency to evaluate insurers' financial conditions.
The Rule was amended to adopt the updated versions of the NAIC Quarterly Statement Manuals, NAIC Annual Statement Instructions Manuals, and the NAIC Accounting Practices and Procedures Manuals.
Note: The Rule was also updated to reflect the current process for filing the annual and quarterly statements as well as to specify that these statements are to be filed electronically and not in any other format.
69O-138.001 NAIC Financial Condition Examiners Handbook Adopted
Section 624.316, F.S. requires the OIR to examine an insurer's financial condition using Generally Accepted Accounting Procedures. It also allows the OIR to adopt the NAIC Financial Condition Examiners Handbook ("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 the current Generally Accepted Accounting Practices. The Rule was amended to adopt the updated versions of the Handbooks.