Office of Insurance Regulation to Revise Audit Rule
The Florida Office of Insurance Regulation has released draft changes to its audit rule. The attached document shows substantial changes that the OIR is proposing to being its current rule into conformity with the Model Audit Rule. The Office of Insurance Regulation held a workshop on October 21, 2009, to discuss the draft changes. However, the workshop attracted relatively few comments from the industry, presumably because many insurers are already familiar with the model audit rule requirements.
If the draft changes progress to final adoption as expected, insurers will need to evaluate their compliance with the new requirements as soon as January 1, 2010. Many of the rule changes apply to the reporting period ending December 31, 2010. However, the changes relating to audit committee requirements would apply at the beginning of next year.