3901-3-08 Definition of work papers.

 

 

 

3901-3-08                    Definition of work papers.

 

 

 

(A)  Purpose

 

Section 3901.07 of the Revised Code provides authority to the superintendent of insurance to review the financial affairs of all insurance companies. The purpose of this rule is to define the term "work papers" as employed in section 3901.48 of the Revised Code as it relates to the surveillance and examination of insurers pursuant to section 3901.07 of the Revised Code.

 

(B)  Authority

 

This rule is issued promulgated pursuant to the authority vested in the superintendent of insurance under section 3901.041 of the Revised Code.

 

(C)  Definition of "Work Papers"

 

The term "work papers" means the records kept by the superintendent of the procedures followed, the tests performed, the information obtained, and the conclusions reached pertinent to his or her examination and surveillance of the financial affairs of an insurer. Work papers may include audit planning documentation, work programs, analyses, memoranda, notes, letters  of confirmation and representation, copies of work papers of certified public accountants, abstracts or copies of company documents and schedules of commentaries prepared or obtained by the superintendent in the course of his or her examination and surveillance of the financial affairs of an insurer.

 

Information related to the financial affairs of insurers maintained by the "National Association of Insurance Commissioners" that is available to the superintendent in his surveillance of the financial affairs of insurers is also considered a "Work Paper", and may include but is not limited to: formulae, ratios and data known as "Risk Based Capital", "Financial Analysis Workbench, Examination Jumpstart", "Analyst Team", "Jumpstart", "Financial Analysis and Solvency TrackingTools", "Insurance Regulatory Information System", Ratios used by the "Financial Analysis Working Group" or other financial information deemed to be confidential by the "National Association of Insurance Commissioners."

 

The term "Work Paper" does not mean the annual and quarterly financial statements and exhibits, or the audited financial statements prepared by independent certified public accountants which an insurer is required to file with the department of insurance. The term also does not mean a financial examination report issued by the department of insurance pursuant to section 3901.07 of the Revised Code.

 

(D)  Severability

 

 

 

If any paragraph, term or provision of this rule is adjudged invalid for any reason, such the judgment shall not affect, impair or invalidate any other paragraph, term or provision of this rule, but the remaining paragraphs, terms and provisions shall be and continue in full force and effect.

Effective:   Five Year Review (FYR) Dates:		10/29/2015   08/14/2015 and 08/31/2020
CERTIFIED ELECTRONICALLY
Certification
10/19/2015
Date
Promulgated Under:	119.03
Statutory Authority:	3901.041
Rule Amplifies:	3901.48
Prior Effective Dates:	9/6/1994