3901-1-50 Annual financial reports.

 

 

 

STATE OF OHIO DEPARTMENT OF INSURANCE

50 West Town Street, 3rd Floor, Suite 300 Columbus, Ohio 43215

 

 

 

IN THE MATTER OF PUBLIC HEARING            : FOR THE AMENDMENT OF OHIO                                                                          :

ADMINISTRATIVE CODE SECTIONS                : NOTICE OF PUBLIC HEARING 3901-1-50, 3901-3-02, and 3901-3-13 AND THE    :

RESCISSION OF OHIO ADMINISTRATIVE       : CODE SECTION 3901-1-63         :

 

 

 

Pursuant to Section 119.03 of the Ohio Revised Code, the Superintendent of Insurance, State of Ohio, will hold a public hearing at 10:00 a.m., on Monday, October 4, 2010 at the Ohio Department of Insurance, Public Hearing Room, 50 West Town Street, 3rd Floor, Suite 300, Columbus, Ohio, to consider the amendment of Ohio Administrative Code sections 3901-1-50 Annual audited financial reports, 3901-3-02 Regulation and registration of insurers under the insurance holding company regulatory act, and 3901-3- 13 Minimum reserve standards for individual and group health insurance contracts. Also, to consider the rescission of Ohio Administrative Code section 3901-1-63 Viatical settlement regulations.

 

The purpose of rule 3901-1-50 is to facilitate the department's surveillance of the financial condition of insurers. The purpose for amending this rule is to change "generally accepted accounting principles" to "the NAIC Accounting Practices and Procedures Manual" per the requirements of 3901.77 and adding language that an insurer may request relief from the rule based on unusual circumstances.

 

The purpose of rule 3901-3-02 is to interpret certain terms, establish standards, and to promulgate forms to be adhered to in the regulation and registration of insurers authorized to do business in this state. The purpose for amending this rule is to make clear that a filer is to restate and amended the prior year filing to include all amendments filed during the year.

 

The purpose of rule 3901-3-13 is to establish the minimum reserve standards for all individual and group health insurance coverages, including single premium credit disability insurance, as required by division (M) of section 3903.72 of the Revised Code. All other credit insurance is not subject to this rule. The purpose for amending this rule is to add a requirement that the total contract reserves incorporate provisions for modestly adverse deviations; that adds provisions regarding morbidity assumptions to be considered by an actuary; direction as factors to be considered for policies issued after

 

 

 

 

 

12/1/2011; and provides that for Long Term Care insuring the mortality is based on the "1994 Group Annuity Mortality Static Table."

The purpose of rule 3901-1-63 is to define the additional standards and procedures the superintendent of insurance has adopted. The purpose for rescinding this rule is because this rule is outdated and is being replaced by pending proposed OAC Rules 3901-9-01, 3901-9-03, and 3901-9-04.

Requests for copies of this rule should be addressed to Tina Chubb, Ohio Department of Insurance, 50 West Town Street, 3rd Floor, Suite 300 Columbus, Ohio 43215, or proposed rule can be viewed online at www.insurance.ohio.gov.

Stephen J. Vamos, Staff Attorney 3901-1-50, 3901-3-02, and 3901-3-13

Amy C. Amerine, Staff Attorney

3901-1-63

Dated at Columbus, Ohio this 2nd day of September 2010.