Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-3 - Acquisitions and Mergers; Insurance Holding Company Systems › Section 3901-3-08 - Definition of work papers

Current through all regulations passed and filed through July 1, 2024
(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 
									promulgated pursuant to the authority vested in
				the superintendent  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",
				"Analyst Team", "Jumpstart",
				"Financial Analysis  Solvency
				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.
(D) Severability
If any paragraph, term or provision of this rule is adjudged
				invalid for any reason, 
									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: 10/29/2015
Five Year
				Review (FYR) Dates: 08/14/2015 and
				08/31/2020
Promulgated
				Under: 119.03
Statutory
				Authority: 3901.041
Rule
				Amplifies: 3901.48
Prior
				Effective Dates: 9/6/1994