INS-06-07-00007-P Financial Statement Filings and Accounting Practices and Procedures

2/7/07 N.Y. St. Reg. INS-06-07-00007-P

NEW YORK STATE REGISTER

VOLUME XXIX, ISSUE 6

February 07, 2007

RULE MAKING ACTIVITIES

INSURANCE DEPARTMENT

PROPOSED RULE MAKING

NO HEARING(S) SCHEDULED

 

I.D No. INS-06-07-00007-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:

Insurance Law, sections 107(a)(2), 201, 301, 307, 308, 1109, 1301, 1302, 1308, 1404, 1405, 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 and 4408-a; and L. 2002, ch. 599

Subject:

Financial statement filings and accounting practices and procedures.

Purpose:

To update a citation in section 83.2(c) to refer to an accounting manual entitled Accounting Practices and Procedures Manual as of March 2006 (instead of 2005).

Text of proposed rule:

Subdivision (c) of Section 83.2 of Part 83 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 [2005*] 2006* (“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 [2005] 2006, which will be filed in [2006] 2007.

The footnote to subdivision (c) of Section 83.2 is amended to read as follows:

*ACCOUNTING PRACTICES AND PROCEDURES MANUAL AS OF MARCH [2005] 2006. Copyright 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006 by National Association of Insurance Commissioners, in Kansas City, Missouri.

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

Andrew Mais, Insurance Department, 25 Beaver St., New York, NY 10004, [phone], e-mail: [e-mail]

Data, views or arguments may be submitted to:

Sam Wachtel, Insurance Department, 25 Beaver St., New York, NY 10004, [phone], e-mail: [e-mail]

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 to Accounting Practices and Procedures Manual As Of March 2006 (“Accounting Manual”), which is incorporated by reference into this regulation. The latest edition was adopted by the NAIC in March 2006.

Job Impact Statement

The proposed rule changes should have no adverse impact on jobs and employment opportunities in New York State. The regulation 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 publication date references to a publication incorporated by reference in the regulation and should have no adverse impact on jobs or employment opportunities.