28 TAC §7.68
1. INTRODUCTION. The Commissioner of Insurance adopts the repeal of §7.68 concerning the 1998 annual statement and 1999 quarterly statements, other reporting forms, and diskettes necessary to report information concerning the financial condition and business operations and activities of insurers and other entities regulated by the department. The repeal of the section is adopted without changes to the proposal as published in the October 28, 2005 issue of the Texas Register (30 TexReg 7000).
2. REASONED JUSTIFICATION. The repeal of the section is necessary to permit the simultaneous adoption of a new §7.68 that is also published in this issue of the Texas Register. The new §7.68 adopts by reference the 2005 annual and quarterly statement blanks, other reporting forms, electronic data filings with the National Association of Insurance Commissioners and instructions to be used by insurers and certain other entities regulated by the Texas Department of Insurance when reporting their financial condition and business operations and activities of the 2005 calendar year.
3. HOW THE SECTION WILL FUNCTION. The repeal of the section will eliminate an obsolete section. The reporting forms adopted under the repealed section have been filed and the due dates for filing the 1998 annual statements, 1999 quarterly statements and other reports have passed; therefore, the repealed section is no longer necessary.
4. SUMMARY OF COMMENTS. No comments were received.
5. STATUTORY AUTHORITY. The repeal of the section is adopted under Insurance Code §§802.001 - 802.003 and 802.051 - 802.056 and 36.001. Sections 802.001 - 802.003 and 802.051 - 802.056 authorize the commissioner 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 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.
§7.68. Requirements for Filing the 1998 Annual and 1999 Quarterly Statements, Other Reporting Forms, and Diskettes or electronic filings with the NAIC via the Internet.