28 TAC §7.66
The Commissioner of Insurance adopts new §7.66 concerning
2003 annual and quarterly statement blanks, other reporting forms, electronic
data filings with the National Association of Insurance Commissioners (NAIC)
via the Internet and instructions to be used by insurers and certain other
entities regulated by the Texas Department of Insurance when reporting their
financial condition and business operations and activities of the 2003 calendar
year. The new section is adopted without changes to the proposed text as published
in the October 31, 2003 issue of the Texas Register (28 TexReg 9389) and will
not be republished.
The new section is necessary to adopt the reporting forms and instructions
to be used by insurers and certain other entities regulated by the department
when reporting their financial condition and business operations and activities
during 2003 and the requirement to file such completed statement blanks and
other reporting forms, including diskettes or electronic filings with the
NAIC via the Internet. The annual and quarterly statement blanks, other reporting
forms, and diskettes or electronic filings with the NAIC via the Internet
are required by statute for reporting the financial condition and business
operations and activities conducted during the 2003 calendar year. The information
provided is necessary for the department to monitor the solvency, business
activities and statutory compliance of the insurers and other entities regulated
by the department. Most of the forms adopted by the section have been promulgated
by the NAIC and are used by other state insurance regulators. The use of these
forms promotes uniformity and efficiency in the regulation of insurance companies
and other entities regulated by the department. These forms are reviewed each
year to assure that the information required to complete the form is necessary
for the department to perform its duties.
The new section defines terms relevant to the statement blanks and reporting
forms; provides the dates by which certain reports are to be filed; and adopts
by reference the NAIC 2003 annual and 2003 quarterly statement blanks, other
reporting forms and instructions for reporting the financial condition and
business operations and activities; and requires insurance companies and certain
other regulated entities to file such annual and quarterly statements and
other reporting forms with the department and/or the NAIC as directed. The
required documents will provide financial information to the public and regulatory
agencies, and will be used by the department to monitor the financial condition
of insurers and other regulated entities licensed in Texas to assure financial
solvency and compliance with applicable laws and accounting requirements.
No comments were received.
The new section is adopted under the Insurance Code §§802.001-802.003
and 802.051-802.056 (formerly Article 1.11), which authorize the commissioner
to make changes in the forms of the annual statements required of insurance
companies of any kind, as shall seem best adapted to elicit a true exhibit
of their condition and methods of transacting business, and require certain
insurers to make filings with the National Association of Insurance Commissioners;
articles 3.77, 9.22, 9.47, 21.49, 21.54, and §§841.225 (formerly
Article 3.07), 842.003, 842.052, 842.101, 842.201, 842.202, 842.253 (formerly
Article 20.02), 843.151 (formerly Article 20A.22), 843.155 (formerly Article
20A.10), 861.254, 861.255 (formerly articles 8.07, 8.08, 8.21), 862.001, 862.003
(formerly articles 6.11, 6.12), 882.001 (formerly Article 11.19), 882.003
(formerly Article 11.06), 883.001, 883.002, 883.204, 883.205 (formerly Article
15.15), 883.002 (formerly Article 15.16), 884.256 (formerly Article 22.06),
885.311, 885.401, 885.403-885.406, 885.414 (formerly Article 10.30), 887.004,
887.009 (formerly Article 14.39), 887.060, 887.064, 887.303, 887.401-887.407
(formerly Article 14.15), 911.001, 911.101 (formerly Article 16.24), 911.304
(formerly Article 16.18), 912.002 (formerly Article 17.22), 912.001, 912.059,
912.151, 912.152, 912.154, 912.156, 912.157, 912.201-912.203, 912.251-912.253,
912.301, 912.305, 912.306, 912.751-912.753, 912.801-912.804 (formerly Article
17.25), 941.252 (formerly Article 18.12), 942.201, 942.202 (formerly Article
19.08), 961.002 (formerly Article 23.26), 961.003, 961.052, 961.101, 961.202,
961.205 (formerly Article 23.02), 982.004, 982.251-982.254 (formerly Article
3.27-2), 982.004, 982.101, 982.103 (formerly Article 3.20-1), 984.001, 984.002,
984.051, 984.052, 984.101-984.103, 984.151-984.153, 984.201-984.204 (formerly
Article 8.24), which require the filing of financial reports and other information
by insurers and other regulated entities, and specify particular rulemaking
authority of the commissioner relating to those insurers and other regulated
entities; §§982.001, 982.002, 982.004, 982.052, 982.102-982.104,
982.106, 982.108, 982.110-982.112, 982.201-982.204, 982.251-982.255, 982.302-982.306
(formerly Article 21.43), which provide the conditions under which foreign
insurers are permitted to do business in this state and requires foreign insurers
to comply with the provisions of the Insurance Code; §§844.001-844.005,
844.051-844.054, 844.101 (formerly Article 21.52F), which authorize the commissioner
to adopt rules to implement the regulation of nonprofit health corporations
holding a certificate of authority under Insurance Code, Title 2, Chapter
844; Article 21.39, which requires insurers to establish adequate reserves
and provides for the adoption of each current formula for establishing reserves
applicable to each line of insurance; §32.041 which requires the department
to furnish the statement blanks and other reporting forms necessary for companies
to comply with the filing requirements; and §36.001 which provides that
the commissioner may adopt any rules necessary and appropriate to implement
the powers and duties of the Texas Department of Insurance under the Insurance
Code and other laws of this state.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of
the Secretary of State on December 16, 2003.
TRD-200308610
Gene C. Jarmon
General Counsel and Chief Clerk
Texas Department of Insurance
Effective date: January 5, 2004
Proposal publication date: October 31, 2003
For further information, please call: (512) 463-6327