DFS-23-14-00002-A Financial Statement Filings and Accounting Practices and Procedures

11/19/14 N.Y. St. Reg. DFS-23-14-00002-A

NEW YORK STATE REGISTER

VOLUME XXXVI, ISSUE 46

November 19, 2014

RULE MAKING ACTIVITIES

DEPARTMENT OF FINANCIAL SERVICES

NOTICE OF ADOPTION

 

I.D No. DFS-23-14-00002-A

Filing No. 919

Filing Date. Oct. 30, 2014

Effective Date. Nov. 19, 2014

Financial Statement Filings and Accounting Practices and Procedures

PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following action:

Action taken:

Amendment of Part 83 (Regulation 172) of Title 11 NYCRR.

Statutory authority:

Financial Services Law, sections 202 and 302; Insurance Law, sections 107(a)(2), 301, 307, 308, 1109, 1301, 1302, 1308, 1404, 1405, 1407, 1411, 1414, 1501, 1505, 3233, 4117, 4233, 4239, 4301, 4310, 4321-a, 4322-a, 4327 and 6404; Public Health Law, sections 4403, 4403-a, 4403-(c)(12) and 4408-a; L. 2002, ch. 599, L. 2008, ch. 311

Subject:

Financial Statement Filings and Accounting Practices and Procedures.

Purpose:

To update citations in Part 83 to the Accounting Practices and Procedures Manual as of March 2014.

Text or summary was published

in the June 11, 2014 issue of the Register, I.D. No. DFS-23-14-00002-P.

Final rule as compared with last published rule:

No changes.

Text of rule and any required statements and analyses may be obtained from:

Sally Geisel, New York State Department of Financial Services, One State Street, New York, NY 10004, [phone], email: [e-mail]

Revised Job Impact Statement

The Department does not believe that this rule will have any impact on jobs and employment opportunities, including self-employment opportunities. The amendment merely adopts the most recent edition published by the National Association of Insurance Commissioners (“NAIC”) of the Accounting Practices and Procedures Manual As of March 2014 (“2014 Accounting Manual”), replacing the rule’s current reference to the Accounting Practices and Procedures Manual As of March 2013. All states require insurers to comply with the 2014 Accounting Manual, which establishes uniform practices and procedures for U.S.-licensed insurers. Adoption of the rule is necessary for the Department to maintain its accreditation status with the NAIC. The NAIC accreditation standards require that state insurance regulators have adequate statutory and administrative authority to regulate insurers’ corporate and financial affairs, and that they have the necessary resources to carry out that authority.

Assessment of Public Comment

The agency received no public comment.