Ohio Admin. Code 3901-3-08 - Definition of work papers
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.
This rule is issued
promulgated pursuant to the authority vested in
the superintendent of insurance under
section 3901.041 of the Revised
Code.
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
Tracking
Tools", "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.
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.
Notes
Promulgated Under: 119.03
Statutory Authority: 3901.041
Rule Amplifies: 3901.48
Prior Effective Dates: 09/06/1994, 10/29/2015
Promulgated Under: 119.03
Statutory Authority: 3901.041
Rule Amplifies: 3901.48
Prior Effective Dates: 9/6/1994
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.