The NAIC Financial Database Repository (FDR) stores more than 5,000 U.S. domiciled insurance companies’ annual and quarterly financial statements. This financial database provides the nucleus for the NAIC’s financial solvency surveillance function that Regulators can access through an on-line, web-based system. The financial database re-engineering effort that started in 1997 markedly improved the NAIC’ ability to capture, load, cleanse, and organize this mission critical information.
In September 2000, Ohio Insurance Director Covington reported that NAIC staff completed a survey of the states regarding adding the Financial Data Re-engineering (FDR) effort as a twelfth URTT initiative for receiving the technology award. After discussion, a majority vote adopted a motion to include an FDR compliance requirement for receiving the URRT technology award effective January 1, 2001.
State Criteria for complying with this initiative are:
For more information contact:
Ginny Ewing
NAIC, 2301 McGee, Suite 800
Kansas City, MO 64108-2604
(816) 783-8649
gewing@naic.org
States Participating
AK, AL, AZ, AR, CA, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MO, MS, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, VT, WV, WY, WI
States Not Participating
AS, GU, PR, RI, VI, WA
To be considered actively participating in Financial Database Repository - (FDR)- A new initiative added effective July 1, 2001. 1) State should mandate that domiciliary insurers submit all financial filings required to be filed with the NAIC's Executive Headquarters electronically (either through the Internet or on diskette) and in hard copy format per NAIC guidelines. 2) State should mandate that domiciliary insurers submit all financial filings required to be filed with the NAIC's Executive Headquarters by the filing deadlines established by the Blanks (EX4) Task Force and the Risk-Based Capital (EX4) Task Force. 3) States should participate in the state filing checklist initiative of the Standard Reporting Formats Working Group of the Blanks (EX4) Task Force, by posting their updated state filing checklist to the state insurance department web site, and provide the URL to the NAIC by the date established by the Standard Reporting Formats Working Group of the Blanks (EX4) Task Force. 4) States should update the licensing information in the code list at least once per quarter. 5) In order to reduce the cost of regulatory compliance, states should not require insurers to file separate diskettes with state insurance departments if that data is required to be filed with the NAIC's Executive Headquarters.