§ 27-1-40-6 — United States branch filing requirements

Indiana § 27-1-40-6

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 40: Entry of Unauthorized Alien Companies

Text

(a) A United States branch shall file with the
commissioner, not later than March 1, May 15, August 15, and
November 15 of each year, all of the following:
(1) Statements of the insurance business transacted in the United
States, the assets held by or for the United States branch in the
United States for the protection of policyholders and creditors in
the United States, and the liabilities incurred against the assets.
All of the following apply to the statements filed under this
subdivision:
(A) The statements must contain information concerning only
the United States branch's assets and insurance business in the
United States.
(B) The statements must be in the same form as statements
required of a domestic company that possesses a certificate of
authority to transact the same kinds of insurance business as the
United States branch transacts.
(C) The statements must be filed as follows:
(i) Quarterly statements filed not later than May 15, August
15, and November 15 of each year for the first three (3)
quarters of the calendar year.
(ii) An annual statement, filed not later than March 1 of each
year.
(2) A trusteed surplus statement, in a form prescribed by the
commissioner, at the end of the period covered by each statement
described in subdivision (1)(C). 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.
(B) Deduct:
(i) unearned premiums on insurance producer balances or
uncollected premiums that are not more than ninety (90) days
past due;
(ii) losses reinsured by reinsurers authorized to do business
in Indiana, less unpaid reinsurance premiums to be paid to
the authorized reinsurers;
(iii) reinsurance recoverables on paid losses from reinsurers
not authorized to do business in Indiana that are included as
an asset in the annual statement, but only to the extent that a
liability for the unauthorized recoverables is included in the
liabilities report in the trusteed surplus statement;
(iv) special state deposits held for the exclusive benefit of
policyholders of a particular state that do not exceed net
liabilities reports for the particular state;
(v) secured accrued retrospective premiums;
(vi) if the alien company transacting business through the
United States branch is a life insurer, the amount of the alien
company's policy loans to policyholders in the United States,
not exceeding the amount of legal reserve required on each
policy, and the net amount of uncollected and deferred
premiums; and
(vii) any other nontrust asset that the commissioner
determines secures liabilities in a manner substantially
similar to the manner in which liabilities are secured by the
unearned premiums, losses reinsured, reinsurance
recoverables, special state deposits, secured accrued
retrospective premiums, and policy loans referred to in items
(i) through (vi).
(3) Any additional information that relates to the business or
assets of the alien company and is required by the commissioner.
(b) The annual statement and trusteed surplus statement described
in subsection (a) must be signed and verified by the United States
manager, the attorney in fact, or an empowered assistant United States
manager, of the United States branch. Items of securities and other
property held under a trust agreement must be certified in the trusteed
surplus statement by the United States trustees.
(c) Each report concerning an examination of a United States branch
conducted under section 4(i) of this chapter must include a trusteed
surplus statement as of the date of examination and a general statement
of the financial condition of the United States branch.

Legislative History

As added by P.L.173-2007, SEC.20.