Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 860 - ALIEN INSURERS; PORT OF ENTRY › Section 031-860-7 - Reporting Requirements for U.S. Branches of Non-U.S. Insurers

Current through 2024-29, July 17, 2024
A. In addition to other requirements of Title
				24-A M.R.S.A. and this Rule, every authorized U.S. branch shall, not later than
				the first day of March in each year and forty-five (45) days after the end of
				each of the first three (3) calendar-year quarters, file with the
				Superintendent and with the National Association of Insurance Commissioners
				(NAIC):
(1) Annual and quarterly statements
				of the business transacted within the U.S. and the assets held by or for it
				within the U.S. for the protection of policyholders and creditors within the
				U.S., 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 the
				U.S. branch's state of entry state and licensed to write the same kinds of
				insurance; and
(2) A statement of
				trusteed surplus, in such form as the Superintendent may prescribe, as of the
				end of the same period covered by the statement filed pursuant to Paragraph (1)
				of this subsection. The aggregate value of the insurer's general state deposits
				and trusteed assets deposited with a trustee in compliance with Section
				6 of this Rule, plus accrued
				investment income thereon where such interest is collected by the states for
				trustees, less the aggregate net amount of all of its reserves and other
				liabilities in the United States as determined in accordance with this section
				shall be known as its "trusteed surplus" in the United States. In determining
				the net amount of the U.S. branch's liabilities in the United States to be
				reported in the statement of trusteed surplus, the U.S. branch shall make
				adjustments to total liabilities reported on the accompanying annual or
				quarterly statements 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 (90) days past due;
(ii) Reinsurance or losses with authorized
				insurers, less unpaid reinsurance premiums;
(iii) Reinsurance recoverables on paid losses
				from unauthorized insurers that are included as an asset in the annual
				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 reports 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; and
* The net amount of uncollected and deferred premiums;
				  and
(vii) any other
				non-trusteed asset which the Commissioner determines secures liabilities in a
				substantially similar manner; and
(3) Any additional information that the
				Superintendent may require relating to the total business or assets, or any
				portion thereof, of the non-U.S. insurer.