[§431:4F-106]  Reporting requirements forUnited States branches of alien insurers.  (a)  In addition to otherrequirements of the insurance code, every authorized United States branch shallcomplete and file the report required of a domestic insurer in article 3,including:

(1)  Annual and quarterly statements of the businesstransacted within the United States and the assets held by or for it within theUnited States for the protection of policyholders and creditors within theUnited States, and of the liabilities incurred against such assets.  The formsshall not contain any statement in regard to its assets and businesselsewhere.  The statements shall be in the same format required of an insurerdomiciled in Hawaii and licensed to write the same kinds of insurance; and

(2)  A statement of trusteed surplus, in such form asthe commissioner may prescribe, as of the end of the same period covered by thestatement filed pursuant to paragraph (1).  In determining the net amount ofthe United States branch's liabilities in the United States to be reported inthe statement of trusteed surplus, the United States branch shall makeadjustments to total liabilities reported on the accompanying annual orquarterly statement as follows:

(A)  Add back liabilities used to offsetadmitted assets reported in the accompanying quarterly or annual statement; and

(B)  Deduct:

(i)  Unearned premiums on agent's balances oruncollected premiums not more than ninety days past due not exceeding unearnedpremium reserves carried thereon;

(ii)  Reinsurance on losses with authorizedinsurers, less unpaid reinsurance premiums;

(iii)  Reinsurance recoverables on paid lossesfrom unauthorized insurers that are included as assets in the annual orquarterly statement; but only to the extent a liability for such unauthorizedrecoverables is included in the liabilities report in the trusteed surplusstatement;

(iv)  Special state deposits held for theexclusive benefit of policyholders, or policyholders and creditors, of anyparticular state not exceeding net liabilities reported for that state;

(v)  Secured accrued retrospective premiums;

(vi)  If a life insurer, the amount of its policyloans to policyholders within the United States, not exceeding the amount oflegal reserve required on each such policy;

(vii)  If a life insurer, the net amount ofuncollected and deferred premiums; and

(viii)  Any other non-trusteed asset that thecommissioner determines secures liabilities in a substantially similar manner;and

(C)  Provide any additional information thatthe commissioner may require relating to the total business or assets, or anyportion thereof, of the alien insurer.

(b)  The annual statement and trusteed surplusstatement shall be signed and verified by the United States branch manager,attorney-in-fact, or a duly empowered assistant United States branch manager,of the United States branch.  The items of securities and other property heldunder trust deeds shall be certified in the trusteed surplus statement by the UnitedStates trustee or trustees.

(c)  Every report on examination of a UnitedStates branch shall include a trusteed surplus statement as of the date ofexamination in addition to the general statement of the financial condition ofthe United States branch. [L 2004, c 120, pt of §2]