DFS-09-13-00003-P Financial Statement Filings and Accounting Practices and Procedures
2/27/13 N.Y. St. Reg. DFS-09-13-00003-P
NEW YORK STATE REGISTER
VOLUME XXXV, ISSUE 09
February 27, 2013
RULE MAKING ACTIVITIES
DEPARTMENT OF FINANCIAL SERVICES
PROPOSED RULE MAKING
NO HEARING(S) SCHEDULED
I.D No. DFS-09-13-00003-P
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 proposed rule:
Proposed Action:
This is a consensus rule making to amend 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; and L. 2002, ch. 599 and 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 2012 (instead of 2011).
Text of proposed rule:
Subdivision (c) of section 83.2 is amended to read as follows:
(c) To assist in the completion of the financial statements, the NAIC also adopts and publishes from time to time certain policy, procedures and instruction manuals. The latest of these manuals, the Accounting Practices and Procedures Manual as of March [2011] 2012 * (accounting manual) includes a body of accounting guidelines referred to as statements of statutory accounting principles (SSAPs). The accounting manual shall be used in the preparation of quarterly statements and the annual statement for [2011] 2012, which will be filed in [2012] 2013.
Text of proposed rule and any required statements and analyses may be obtained from:
Sally Geisel, New York State Department of Financial Services, 25 Beaver Street, New York, NY 10002, (212) 480-5287, email: sally.geisel@dfs.ny.gov
Data, views or arguments may be submitted to:
Same as above.
Public comment will be received until:
45 days after publication of this notice.
Consensus Rule Making Determination
No person is likely to object to the rule because the action is a technical amendment that merely updates a reference from Accounting Practices and Procedures Manual As of March 2011 (“Accounting Manual”), which is incorporated by reference into this regulation, to Accounting Practices and Procedures Manual As of March 2012. The latest edition was adopted by the National Association of Insurance Commissioners in March 2012.
This rule is determined by the agency to be a consensus rule, as defined in State Administrative Procedure Act § 102(11) (SAPA), and is proposed pursuant to subparagraph (i) of paragraph (b) of subdivision one of section two hundred two of SAPA. Accordingly, it is exempt from the requirement to file a Regulatory Impact Statement, Regulatory Flexibility Analysis for Small Businesses and Local Governments or a Rural Area Flexibility Analysis.
Job Impact Statement
The Department has no reason to believe that this rule will have any impact on jobs and employment opportunities. The rule codifies numerous accounting practices and procedures that had not previously been organized in such a unified and coherent manner. The current amendment only changes a reference to a publication incorporated by reference in the regulation.
The Department has no reason to believe that this rule will have any adverse impact on jobs or employment opportunities, including self-employment opportunities.
