Subchapter F. Reinsurance 28 TAC §7.615
Subchapter K. Purchasing and Selling of Exchange-Traded Call and Put Options Contracts 28 TAC §§7.1101-7.1107
The Commissioner of Insurance adopts the repeal of §§7.10, 7.11, 7.12, 7.16, 7.17, 7.18, 7.21, 7.615, and 7.1101-7.1107 concerning certain accounting treatments. The repeal of the sections is adopted without changes to the proposal as published in the October 13, 2000 of the Texas Register (25 TexReg 10281).
The repeal of the sections is necessary to permit the simultaneous adoption of a new §7.18 that is published elsewhere in this issue of the Texas Register. The new §7.18 will replace, to the extent applicable, all of the repealed sections.
The repeal of the sections will provide consistency in the regulations applicable to the accounting standards, treatments and practices of insurers doing business in Texas. As a result of the repeal of the sections and adoption of the new section, there will be more efficient and standardized accounting by insurers and health maintenance organizations licensed to do business in Texas.
No comments were received.
The repeal of the sections is adopted under the Insurance Code Articles 1.11, 1.32, 3.10, 3.28, 5.75-1, 20A.10, 20A.22, 21.39-B, and 21.49-1 and §36.001. These articles authorize the Commissioner of Insurance to adopt rules to establish or set standards for the evaluation of the financial condition of insurers and health maintenance organizations, including reinsurance transactions, reserves and insurance holding company system transactions. Section 36.001 authorizes the Commissioner of Insurance to adopt rules for the conduct and execution of the duties and functions of the department as authorized by statute.
Subchapter A. Examination and Financial Analysis.
§7.10. Admitted Assets-Insurance Code, Article 3.01, §10(b).
§7.11. National Association of Insurance Commissioners Examiners Handbook.
§7.12. Calculation of the Liability for Unrealized Profit on the Sale of Real Estate.
§7.16. National Association of Insurance Commissioners Purposes and Procedures of the Securities Valuation Office Manual.
§7.17. Premium Notes and Other Memoranda or Evidences of Premiums Payable as Admissible Assets of Fire and Casualty Insurance Companies.
§7.18. National Association of Insurance Commissioners Accounting Practices and Procedures Manuals.
§7.21. Admitted Assets, the Texas Insurance Code, Article 6.12, §5, and Article 8.07, §2.
Subchapter F. Reinsurance.
§7.615. Regulation of Accounting for Reinsurance Agreements by Property and Casualty Insurers.
Subchapter K. Purchasing and Selling of Exchange-Traded Call and Put Options Contracts.
§7.1103. Purchase of Exchange-Traded Put and Call Options.
§7.1104. Sale of Exchange-Traded Call Options.
§7.1105. Accounting for Hedges of Items Carried at Market Value or Amortized Cost.
§7.1106. Administration and Recordkeeping.
§7.1107. Severability Provision.