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Print Form KALI I S. LOPEZ DAVID Y. IGE GOVERNOR DIRECTOR SHAN S. TUTSI GORDON I. ITO LT. GOVERNOR INSURANCE COMMISSIONER STATE OF HAW AI I INSURANCE DIVISION DEPARTMENT OF COMMERCE & CONSUMER AFFAIRS
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How to fill out statement of premiums derived
How to fill out a statement of premiums derived:
01
Begin by gathering all relevant information about the premiums that have been earned or generated. This includes details about the insurance policies, the dates of coverage, and the amount of premiums received.
02
Fill in the heading section of the statement, which typically includes the name of the insurance company, the policy number, and the date of the statement. Make sure to use accurate and up-to-date information.
03
List the premiums derived from each specific insurance policy. This may involve categorizing them based on the type of coverage, the duration of the policy, or any other relevant criteria. Include the total amount of premiums received for each policy.
04
Calculate the total premiums derived by summing up the amounts from each policy. This will provide an overall figure for the statement.
05
Provide any additional information or explanations that may be required. This could include details about any adjustments made to the premiums, reasons for any discrepancies, or any other relevant information.
Who needs a statement of premiums derived?
01
Insurance companies: Insurance companies typically need a statement of premiums derived to keep track of the premiums earned from various policies. This helps them monitor their financial performance and assess the profitability of their business.
02
Regulators and auditors: Regulatory bodies and auditors may require insurance companies to provide a statement of premiums derived as part of their compliance and financial reporting obligations. This ensures transparency and accountability in the insurance industry.
03
Investors and stakeholders: Investors and stakeholders, such as shareholders and potential investors, may be interested in reviewing a statement of premiums derived to assess the financial health and performance of an insurance company. This can help them make informed decisions regarding investments or partnerships.
Overall, a statement of premiums derived is an important document for insurance companies, regulators, auditors, and investors alike. It provides a clear summary of the premiums earned and helps ensure transparency and accountability in the insurance industry.
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What is statement of premiums derived?
The statement of premiums derived is a report that details all the premiums earned by an entity within a specific period.
Who is required to file statement of premiums derived?
Insurance companies are required to file statement of premiums derived.
How to fill out statement of premiums derived?
To fill out the statement of premiums derived, insurance companies need to provide detailed information about the premiums earned during the reporting period.
What is the purpose of statement of premiums derived?
The purpose of statement of premiums derived is to provide transparency and accountability in the insurance industry.
What information must be reported on statement of premiums derived?
Information such as the total premiums earned, breakdown of premiums by type of insurance, and any changes in premium rates must be reported on the statement of premiums derived.
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