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The Ohio Department of Insurance, through the Joint Commission of Agency Rule Review, has adopted the changes to the National Association of Insurance Commissioners' (NAIC) Annual Financial Reporting Model Rule (better known as the new Model Audit Rule) on December 27, 2008. The changes are to Ohio Administrative Code Section 3901-1-50 and are effective 1/1/2010 to be consistent with other states adopting these changes. The new rule includes changes for independent audit committees, audit partner rotation, and management's report on internal controls over financial reporting, depending on size of insurer. Please click here to review the NAIC's compliance guidance and other related documents for more information.
Click here to view the updated and approved Financial Reporting Model Rule. | |