Get the free Annual Statement of Premiums Received For Taxation Purposes

Print Form STATE OF HAWAII DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS INSURANCE DIVISION CLEAR FORM P. O. Box 3614, Honolulu, HI 96811-3614 335 Merchant Street, Room 213 Honolulu, HI 96813 ANNUAL

How to fill out annual statement of premiums

How to fill out annual statement of premiums:

1. Gather all necessary documents and information related to premiums paid and received throughout the year, including insurance policies, premium invoices, and any payment receipts.
2. Start by filling out the basic information section of the form, such as your name, address, and contact details. Ensure that all information is accurate and up to date.
3. Proceed to the premium details section of the form. Here, you will need to enter the details of each insurance policy you own, including the name of the insurance company, policy number, and type of coverage.
4. Specify the premium amounts paid and received during the year for each policy. This includes any premium installments or adjustments made.
5. If applicable, provide any additional information or comments regarding the premiums, such as changes in coverage or policy cancellations.
6. Calculate the total premiums paid and received for the year. Ensure that all calculations are accurate and properly documented.
7. Review the completed form thoroughly to confirm that all information is accurate and complete. Make any necessary corrections or additions.
8. Sign and date the form to certify its accuracy and completeness.

Who needs annual statement of premiums:

1. Individuals who have purchased insurance policies and pay premiums regularly are typically required to fill out an annual statement of premiums.
2. Insurance companies use this statement to assess the total premiums paid and received by policyholders throughout the year. It helps them track the financial activity related to each policy and ensure proper record-keeping.
3. The statement may be requested by insurance regulatory authorities as part of their oversight and auditing processes. It serves as evidence of compliance with insurance laws and regulations.
4. Policyholders may also need the annual statement of premiums for personal financial records, tax purposes, or to provide proof of insurance coverage when applying for loans or other financial transactions.
5. Small business owners and entrepreneurs who have insurance policies for their businesses may also need to fill out an annual statement of premiums to provide to their accountants or tax professionals for tax filing and financial reporting purposes.

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