2024-04-03T19:48:05-05:00 2023-12-31 990224276 TRUSTA AAC 1003 BISHOP ST STE 1700 HONOLULU HI 96813 990 2023-01-01 990224036 HAWAII LIFE AND DISABILITY INSURANCE GUARANTY ASSOCIATION HAWA 8084408763 1003 BISHOP STREET 2030 HONOLULU HI 96813 Margolee Lee Chairperson 8084408763 2024-04-03 1 Margolee Lee 999009999 0 YINEN HUANG P01506336 8085248080 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z Margolee Lee 1003 BISHOP STREET 2030 HONOLULU HI 96813 7810381 0 X https://www.hilifega.org X 1979 HI The mission of Hawaii Life and Disability Insurance Guaranty Association ("Association') is to protect Hawaii owners and beneficiaries of policies issued by Hawaii licensed life and health insurance companies that become impaired or insolvent. The Association was created by the Hawaii State Legislature pursuant to the Hawaii Life and Disability Insurance Guaranty Association Act under HRS 431:16-201 ("HLDIGA Act"). During the taxable year, the significant activities of the Association focused on managing and administering its: (1) life insurance accounts; (2) accident, health and sickness insurance accounts; and (3) annuity accounts for the benefit of the HLDIGA Act's intended beneficiaries as provided by Hawaii law. 9 9 1 0 0 0 0 0 486364 1119105 447802 1149034 0 0 934166 2268139 0 0 529948 392708 97494 104147 0 0 0 466300 313484 1093742 810339 -159576 1457800 33176673 34634473 0 0 33176673 34634473 The Association's statutory mission is set forth and governed by the HLDIGA Act (i.e., to protect Hawaii owners and beneficiaries of policies issued by Hawaii licensed life and health insurance companies that become impaired or insolvent, subject to certain limits). 0 0 810339 Approximately 48.5% ($392,708 / $810,339) of the Total Expenses and Program Services Expenses were used by the Association to settle claims of Hawaii owners and beneficiaries of policies issued by Hawaii licensed impaired or insolvent life and health insurance companies in accordance with its sole program service mission. Approximately, 51.5% ($417,630 / $810,339) of the remaining expenses were attributable to ordinary and necessary expenses of the Association in fulfilling its sole program service mission, which are reported on Form 990, Part IX, Columns A and B. 1119105 Program Service Revenue reported on Form 990, Part VIII, comprise of Premiums collected from Hawaii policy owners of impaired or insolvent insurance companies to satisfy their respective policies obligations in order to recognize future policy benefits amounting to $311,014. Additionally, Early Access Distributions represent pro rata receipts from insolvent insurers per court order or the National Organization of Life and Health Insurance Guaranty Associations ("NOLHGA") amounting to $808,091. 810339 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 13 0 1 1 1 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 0 1 1 0 0 X Peter Inoue 8084408763 1003 Bishop Street Suite 2030 Honolulu HI 96813 Margolee P Lee Chairperson Pacific Guardian Life Ins. 10.00 X X 0 0 0 Wayne Tanaka Vice Chairperson Massachusetts Mutual Life 3.00 X X 0 0 0 Joy Higa Treasurer UnitedHealthCare Ins. Co. 3.00 X X 0 0 0 Rosa Iturbides Secretary Equitable 3.00 X X 0 0 0 Mary Barney Director Genworth Life & Annuity In 3.00 X 0 0 0 Sayaka Ogura Glaser Director New York Life Ins. Co. 3.00 X 0 0 0 Megan Claypool Director Athene Annuity & Life Co. 3.00 X 0 0 0 Germaine Marks Director Prudential Ins. Co. of Ame 3.00 X 0 0 0 Umberto Speranza Director UNUM Life Insurance Company of America 3.00 X 0 0 0 Peter Inoue Executive Director 40.00 X 95800 0 0 95800 0 0 0 0 0 0 0 Early access distributions 524298 808091 808091 Premiums 524298 311014 311014 1119105 1316712 1316712 5374564 5542242 -167678 -167678 -167678 2268139 2268139 0 0 392708 392708 95800 95800 8347 8347 14199 14199 76180 76180 31610 31610 10567 10567 31865 31865 40503 40503 3866 3866 NOLHGA expenses 73451 73451 Administrative support 27264 27264 Auto 3940 3940 Other expense 39 39 810339 810339 0 0 20597999 21211893 1327630 2069609 20165 20165 0 0 11246212 11347653 4832 5318 33176673 34634473 0 0 X 0 0 0 0 33176673 34634473 33176673 34634473 33176673 34634473 1457800 0 X X 0 1 X 1 0 20165 20165 0 0 2236529 0 2236529 31610 31610 2268139 778729 0 778729 31610 31610 810339 Form 990, Part VI, Section A, line 6 Members of the Organization - Pursuant to HRS 431:16-206 of the HLDIGA Act, "all member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this State." Form 990, Part VI, Section A, line 7a Election of the Governing Body - The Association's nine (9) member Board of Directors with staggered terms are selected by the member insurers, subject to the approval of the Insurance Commissioner for the State of Hawaii per HRS 431:16-207 of the HLDIGA Act. Form 990, Part VI, Section A, line 7b Person with Overriding Governance Authority - Pursuant to HRS 461:16-207 of the HLDIGA Act, the Insurance Commissioner for the State of Hawaii has the ultimate approving authority regarding the Association's election of members to the Board of Directors. Additionally, the Insurance Commissioner for the State of Hawaii is vested with certain other overriding governing authority as provided in the HLDIGA Act. Form 990, Part VI, Section B, line 11b Review of Form 990 - The Executive Director receives and reviews the completed Form 990 from the Association's CPA firm. The Executive Director emails the final version of the Form 990 to the Board of Directors for review and approval, upon approval the Board Chairperson signs and arranges for the filing of the tax return. Form 990, Part VI, Section B, line 12c Conflict of Interest Policy - The Executive Director is delegated with the responsiblity to manage and administer the Association's Conflict of Interest and Business Ethics Policy, which covers all directors, officers, key employees and agents. These individuals and agents are required to complete a conflict of interest questionnaire, which is reviewed by the Executive Director, the Chairperson and outside counsel to identify potential or actual conflicts in accordance with the Association's Conflict of Interest and Business Ethics Policy. Form 990, Part VI, Section B, line 15a Compensation of the Executive Director - The Association's Board of Directors periodically evaluates the Executive Director's compensation for reasonableness. The board evaluation process, includes considering the Executive Director's duties and responsibilities, performance, compensation of similar state guaranty associations, locality, etc. Form 990, Part VI, Section C, line 19 Documents, Policies, and Statements Available to the Public - Copies of the Association's governing documents, conflict of interest policy, and financial statements are made available to the public upon request. Form 990, Part XII, line 1: Method of Accounting - The Association's Form 990 and audited financial statements are prepared on a modified cash basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles in the United States of America. Under the modified cash basis of accounting, revenues and related assets are recognized when received rather than when earned, and expenses are recognized when paid rather than when incurred. Capital expenditures are capitalized and amortized/depreciated. Investment securities, including money market funds, are recorded at costs rather than their respective fair values.