1591
. In addition to complying with all other applicable
requirements of this code, every admitted alien insurer shall on or
before the first day of March in each year after the year 1941, file
with the commissioner a statement on a form prescribed by him,
showing as of the 31st day of December then next preceding, the
following information:
(a) All of its assets within the United States on deposit with
officers of any state thereof for the benefit and security of all the
policyholders, or of all the policyholders and creditors, of such
alien insurer within the United States. Such assets so deposited are
designated "general state deposits."
(b) All of its assets within the United States, other than general
state deposits, on deposit with officers of any state thereof for
the benefit and security of all the policyholders, or policyholders
and creditors, of such alien insurer within the state of deposit or
of certain classes of policyholders, or policyholders and creditors,
either within the state of deposit or within the United States. Such
assets so deposited are designated "special state deposits." The
value to be allowed in such statement for any special state deposit
shall not exceed the liability secured thereby.
(c) All of its assets within the United States, other than general
state deposits and special state deposits, held by any trustee for
the benefit and security of all the policyholders or of all the
policyholders and creditors, of such alien insurer within the United
States. Such assets so held are designated "trusteed assets."
(d) The amount of interest receivable, accrued at the date of such
statement on the general state deposits, the special state deposits,
and the trusteed assets of such alien insurer, if such interest is
collectible by the State or trustee.
(e) All of the reserves and other liabilities arising out of
policies or obligations issued, assumed or incurred by such alien
insurer in the United States. Said reserves and other liabilities are
designated as "liabilities in the United States."
For the purpose of determining the liabilities in the United
States of such alien insurer there may be deducted:
(1) From the amount of such liabilities for unpaid losses, the
amount, included therein, of reinsurance recoverable thereon from
insurers authorized to do business in any state of the United States,
subject to the same limitations as are contained in Sections 922.2
to 922.4, inclusive, and in Sections 922.6 and 922.8.
(2) From the amount of such liabilities for unearned premiums,
first, the unearned portion, included in such amount, of premiums
receivable by such alien insurer from its agents or policyholders
under policies issued by it in the United States and not more than 90
days past due on the date of such statement, and second, subject to
the same limitations as are contained in Section 922.4, the unearned
portion, included in such amount of reinsurance premiums receivable
by such alien insurer from other insurers authorized to do business
in any state of the United States.
(3) The ratable portion, included in such liabilities, of the
gross liabilities and reserves on risks reinsured, in whole or in
part, by an alien insurer which complies with this article and
includes in the statements required thereby all reserves and
liabilities arising out of such reinsurance, or, subject to the same
limitations as are contained in Sections 922.2 to 922.8, inclusive,
by another insurer which is authorized to transact insurance in any
state of the United States, except in the case of excess loss and
catastrophe reinsurance where the deduction shall be on the basis of
the actual reinsurance premiums and the actual reinsurance terms.
(4) Those liabilities in the United States, pertaining to any
asset in the United States of such alien insurer, other than the
assets described in subdivisions (a), (b), (c), and (d), but such
deduction shall in no case exceed that portion of the value of such
asset which is applicable to the liability pertaining thereto.
(5) If such alien insurer is a life insurer, the amount of the
unpaid principal and interest of any loan made by it to the holder
of, and solely on the security of, any policy of life insurance or
annuity contract issued or assumed by it, on the life of or to any
person in the United States. Such amount shall in no case exceed the
amount of the reserve required to be maintained on such policy or
annuity contract by such insurer. Such amount is designated as
"policy loans in the United States."
(f) Such further information required by the commissioner, as he
deems necessary to apply the provisions of this article.