Rule 3901-3-08 | Definition of work papers.
(A) Purpose
The purpose of this rule is to define the term "work papers" as employed in section 3901.48 of the Revised Code as it relates to the surveillance and examination of insurers pursuant to section 3901.07 of the Revised Code.
(B) Authority
This rule is promulgated pursuant to the authority vested in the superintendent under section 3901.041 of the Revised Code. Section 3901.07 of the Revised Code provides authority to the superintendent of insurance to review the financial affairs of all insurance companies.
(C) Definition of "Work Papers"
The term "work papers" means the records kept by the superintendent of the procedures followed, the tests performed, the information obtained, and the conclusions reached pertinent to his or her examination and surveillance of the financial affairs of an insurer. Work papers may include audit planning documentation, work programs, analyses, memoranda, notes, letters of confirmation and representation, copies of work papers of certified public accountants, abstracts or copies of company documents and schedules of commentaries prepared or obtained by the superintendent in the course of the examination and surveillance of the financial affairs of an insurer.
Information related to the financial affairs of insurers maintained by the "National Association of Insurance Commissioners" that is available to the superintendent in the surveillance of the financial affairs of insurers is also considered a "Work Paper," and may include but is not limited to: formulae, ratios and data known as "Risk Based Capital," "Analyst Team," "Jumpstart," "Financial Analysis Solvency Tools," "Insurance Regulatory Information System," Ratios used by the "Financial Analysis Working Group" or other financial information deemed to be confidential by the "National Association of Insurance Commissioners."
The term "Work Paper" does not mean the annual and quarterly financial statements and exhibits, or the audited financial statements prepared by independent certified public accountants which an insurer is required to file with the department of insurance. The term also does not mean a financial examination report issued by the department of insurance pursuant to section 3901.07 of the Revised Code.
(D) Severability
If any portion of this rule or the application thereof to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of the rule or related rules which can be given effect without the invalid portion or application, and to this end the provisions of this rule are severable.
Last updated March 2, 2026 at 8:34 AM
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