DFS-06-12-00010-P Financial Statement Filings and Accounting Practices and Procedures

2/8/12 N.Y. St. Reg. DFS-06-12-00010-P

NEW YORK STATE REGISTER

VOLUME XXXIV, ISSUE 6

February 08, 2012

RULE MAKING ACTIVITIES

DEPARTMENT OF FINANCIAL SERVICES

PROPOSED RULE MAKING

NO HEARING(S) SCHEDULED

 

I.D No. DFS-06-12-00010-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, 301 and 302; Insurance Law, sections 107(a)(2), 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 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 2011 (instead of 2010).

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 [2010] 2011 * (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 [2010] 2011, which will be filed in [2011] 2012.

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

* ACCOUNTING PRACTICES AND PROCEDURES MANUAL AS OF MARCH [2006] 2010. © Copyright 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011 by National Association of Insurance Commissioners, in Kansas City, Missouri.

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

Sam Wachtel, New York State Department of Financial Services, 25 Beaver Street, New York, NY 10004, [phone], email: [e-mail]

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 to the Accounting Practices and Procedures Manual ("Accounting Manual"), which is incorporated by reference into this regulation. This meets the definition of a consensus rule making as defined by State Administrative Procedure Act Section 102(11).

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.