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



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



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



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



(B)  Deduct:



(i)  Unearned premiums on agent's balances or
uncollected premiums not more than ninety days past due not exceeding unearned
premium reserves carried thereon;



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



(iii)  Reinsurance recoverables on paid losses
from unauthorized insurers that are included as assets in the annual or
quarterly statement; but only to the extent a liability for such unauthorized
recoverables is included in the liabilities report in the trusteed surplus
statement;



(iv)  Special state deposits held for the
exclusive benefit of policyholders, or policyholders and creditors, of any
particular state not exceeding net liabilities reported for that state;



(v)  Secured accrued retrospective premiums;



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



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



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



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



(b)  The annual statement and trusteed surplus
statement 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 held
under trust deeds shall be certified in the trusteed surplus statement by the United
States trustee or trustees.



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