28 TAC §7.70
1. INTRODUCTION. The Commissioner of Insurance adopts the repeal of §7.70, concerning the 2000 annual statements, other reporting forms, and diskettes or electronic filings with the National Association of Insurance Commissioners (NAIC) via the internet. The repeal is adopted without changes to the proposed text published in the December 28, 2007 issue of the Texas Register (32 TexReg 9909).
2. REASONED JUSTIFICATION. The repeal of the obsolete section is necessary to permit the simultaneous adoption of new §7.70 that is also published in this issue of the Texas Register. The reporting forms adopted under the repealed section have been filed and the due dates for filing the 2000 annual statements and other reports have passed; therefore, the repealed section is no longer necessary.
3. HOW THE SECTION WILL FUNCTION. The repeal of the obsolete section will permit the adoption of new §7.70 that will adopt by reference the 2007 quarterly and annual statement blanks, the 2008 quarterly statement blanks, other reporting forms, electronic data filings with the NAIC via the internet, and instructions to be used by insurers and certain other entities regulated by the Department when reporting their 2007 and part of their 2008 calendar year financial condition and business operations and activities.
4. SUMMARY OF COMMENTS. The Department did not receive any comments on the proposed repeal.
5. STATUTORY AUTHORITY. The repeal of the section is adopted under the Insurance Code §§802.001 - 802.003, 802.051 - 802.056, and 36.001. Sections 802.001 - 802.003 and 802.051 - 802.056 authorize the Commissioner of Insurance 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. Section 36.001 provides that the Commissioner of Insurance 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.
6. TEXT.
§7.70. Requirements for Filing the 2000 Annual Statements, Other Reporting Forms, and Diskettes or Electronic Filings with the NAIC via the Internet.