Chapter 431 — Chapter 431

§431:3-207 Noncompliance as to capital stock and surplus permitted certain insurers for five years. (a) A domestic or foreign insurer holding a valid certificate of authority to transact insurance in this State as of July 1, 1988, for a period of five years after that date, may c…

§431:3-208 Funds required of existing and new insurers for transacting additional classes of insurance. (a) An insurer otherwise qualified may be authorized to transact combinations of classes of insurance while having on deposit in a federally insured financial institution withi…

§431:3-209 Deposits of alien and foreign insurers; special deposits. (a) To qualify for and hold a certificate of authority, an alien or foreign insurer must deposit and maintain on deposit assets equal in amount to either the amount of paid-up capital stock in the case of a stoc…

§431:3-210 Determination of capital funds of alien insurer. (a) The capital funds of an alien insurer shall be deemed to be the amount by which its assets exceed its liabilities with respect to its business transacted in the United States. (b) Assets of such insurer held in any s…

§431:3-211 REPEALED. L 1997, c 12, §1 and c 233, §6.

§431:3-212 Application for authority. To apply for an original certificate of authority, an insurer shall file with the commissioner a Uniform Certificate of Authority Application from the National Association of Insurance Commissioners that shall set forth or be accompanied by a…

§431:3-212.5 Redomestication of authorized insurers. (a) The certificate of authority, producer appointments and licenses, rates, and other items allowed by the commissioner, which are in existence at the time an insurer authorized to transact insurance business in this State tra…

§431:3-213 Authority issued or denied. (a) If the commissioner finds that an insurer has met the requirements for and is fully entitled thereto under this code, the commissioner shall issue to it a proper certificate of authority. (b) If the commissioner does not so find, the com…

§431:3-214 Extension; amendment. (a) No certificate of authority shall contain an expiration date, but all certificates of authority shall be extended by the commissioner from time to time in order to continue to be valid. When the commissioner issues or extends a certificate of …

§431:3-215 Withdrawal from State; obligations. (a) No insurer other than a life insurer shall withdraw from this State until its direct liability to its policyholders and obligees under all its insurance contracts then in force in this State has been assumed by another authorized…

§431:3-216 Mandatory refusal, suspension or revocation provisions. The commissioner shall suspend, revoke, or refuse to extend an insurer's certificate of authority in addition to other grounds in this code, if the insurer:

§431:3-217 Discretionary refusal, suspension or revocation provisions. After a hearing the commissioner may suspend, revoke, or refuse to extend an insurer's certificate of authority, in addition to other grounds in this code, if the insurer:

§431:3-218 Procedure upon revocation; suspension of certificate of authority. Upon revoking, suspending, or refusing to extend an insurer's authority to transact insurance, the commissioner shall forthwith:

§431:3-219 Suspension period; revocation. (a) Except as otherwise expressly provided in this code, the commissioner may suspend an insurer's certificate of authority for a period not to exceed one year. The commissioner shall state in the commissioner's order of suspension the pe…

§431:3-220 Revival. An insurer whose certificate of authority has been suspended, revoked, or refused may subsequently be authorized if:

§431:3-221 Power to fine. In addition to or in lieu of the suspension, revocation, or refusal to extend any certificate of authority, the commissioner, after hearing, may levy a fine upon the insurer in an amount not less than $500 and not more than $50,000. The order levying the…

PART III. ANNUAL REQUIREMENTS AND LIMITING PROVISIONS §431:3-301 Annual and quarterly filings with commissioner. (a) Each domestic, foreign, and alien insurer that is authorized to transact insurance in this State shall file annually with the commissioner, on or before March 1 of…

§431:3-302 Annual and quarterly filings with the National Association of Insurance Commissioners. (a) Each domestic, foreign, and alien insurer that is authorized to transact insurance in this State shall file annually with the National Association of Insurance Commissioners, on …

§431:3-303 Immunity. In the absence of actual malice, members of the National Association of Insurance Commissioners, their duly authorized committees, subcommittees, and task forces, their delegates, National Association of Insurance Commissioners employees, and all others charg…

§431:3-304 Confidentiality. All financial analysis ratios and examination synopses concerning insurance companies that are submitted to the insurance division by the National Association of Insurance Commissioners' Insurance Regulatory Information System are confidential and may …

§431:3-304.5 Statement of actuarial opinion; property and casualty insurance; confidentiality. (a) The statement of actuarial opinion shall be provided with the annual statement in accordance with the property and casualty annual statement instruction as adopted by the National A…

§431:3-305 Accounts; records. Every insurer shall keep full and adequate accounts and records of its assets, obligations, transactions, and affairs. Every domestic insurer shall maintain said accounts and records at its principal office in this State. [L 1987, c 347, pt of §2]

§431:3-306 Limit of risk. (a) No insurer shall retain net any risk on any one subject of insurance, whether located or to be performed in this State or elsewhere, in an amount exceeding ten per cent of its surplus to policyholders. (b) For the purposes of this section, a subject …

§431:3-306.5 Residential hurricane coverage. (a) Upon written request of the commissioner by certified mail, an insurer writing the peril of residential hurricane coverage in this State shall within thirty days after receipt of the request, make accessible to the commissioner or …

§431:3-307 Free insurance. Except as otherwise provided by law, no insurer, either domestic, foreign or alien, shall issue or cause to be issued any policy of insurance of any type or description upon life or property, real or personal, whenever the policy of insurance is to be f…

§431:3-308 Alien government owned insurers. No license to transact any kind of insurance business in this State shall be issued or renewed to any foreign or alien insurer or issued or continued in effect to any domestic insurer which is owned or financially controlled by another …

§431:3-309 Disclosure of profits by insurers. All insurance companies transacting business in this State under authority provided by this code or any other provision of Hawaii law shall, within three months following the completion of the calendar year, submit to the commissioner…

PART IV. RISK-BASED CAPITAL FOR INSURERS §431:3-401 Definitions. For purposes of this part unless the context otherwise requires: "Adjusted risk-based capital report" means a risk-based capital report that has been adjusted by the commissioner in accordance with section 431:3-402…

§431:3-402 Risk-based capital reports. (a) Every domestic insurer, on or before each March 1, the filing date, shall prepare and submit to the commissioner a report of its risk-based capital levels as of the end of the calendar year just ended, in a form and containing any inform…

§431:3-403 Company action level event. (a) "Company action level event" means any of the following events: (b) In the event of a company action level event, the insurer shall prepare and submit to the commissioner a risk-based capital plan which shall: (c) The risk-based capital …

§431:3-404 Regulatory action level event. (a) "Regulatory action level event" means, with respect to any insurer, any of the following events: (b) In the event of a regulatory action level event the commissioner shall: (c) In determining corrective actions, the commissioner may t…

§431:3-405 Authorized control level event. (a) "Authorized control level event" means any of the following events: (b) In the event of an authorized control level event with respect to an insurer, the commissioner shall:

§431:3-406 Mandatory control level event. (a) "Mandatory control level event" means any of the following events: (b) In the event of a mandatory control level event:

§431:3-407 Hearing. (a) The insurer shall have the right to a hearing pursuant to chapter 91 upon being notified of any of the following: (b) The insurer shall have the right to a confidential hearing exempt from chapter 92, on the record, and pursuant to chapter 91, at which the…

§431:3-408 Confidentiality and prohibition on announcements; prohibition on use in ratemaking. (a) All risk-based capital reports, to the extent the information contained in the report is not required to be set forth in a publicly available annual statement schedule, and risk-bas…

§431:3-409 Supplemental provisions; rules; exceptions. (a) This part is supplemental to any other laws of this State, and shall not preclude or limit any other powers or duties of the commissioner under those laws, including but not limited to article 15. (b) The commissioner may…

§431:3-410 Foreign insurers. (a) Any foreign insurer, upon the written request of the commissioner, shall submit to the commissioner a risk-based capital report as of the end of the calendar year just ended by the later of: Any foreign insurer, at the written request of the commi…

§431:30-102 Definitions. As used in this article, the following definitions apply: "Advertisement" means any material designed to create public interest in a product, or induce the public to purchase, increase, modify, reinstate, borrow on, surrender, replace, or retain a policy,…

§431:30-105 REPEALED. L 2010, c 116, §4.

§431:30-107 Management committee; officers and personnel. (a) A management committee comprising no more than fourteen members shall be established as follows: (b) The management committee shall have the authority and duties set forth in the bylaws, including but not limited to: (…

§431:30-112 Rules and operating procedures; rulemaking functions of the commission and rejection of uniform standards. (a) The commission shall adopt reasonable rules, including uniform standards, and operating procedures to effectively and efficiently achieve the purposes of thi…

§431:30-119 Withdrawal. (a) Once effective, the compact shall continue in force and remain binding upon each and every compacting state; provided that a compacting state may withdraw from the compact ("withdrawing state") by enacting a statute specifically repealing the statute t…

§431:31-107 Application for license and fees. (a) A sworn application for a license under this article shall be filed with the commissioner on forms prescribed and furnished by the commissioner. (b) The application for a license shall provide the: (c) Any vendor engaging in porta…

PART II. PRIVACY AND OPT OUT NOTICES FOR FINANCIAL INFORMATION §431:3A-201 Initial privacy notice to consumers required. (a) A licensee shall provide a clear and conspicuous notice that accurately reflects its privacy policies and practices to a consumer: (b) A licensee shall not…

§431:3A-202 Annual privacy notice to customers required. (a) Except as provided in subsection (b), a licensee shall provide a clear and conspicuous notice to customers that accurately reflects its privacy policies and practices not less than annually during the continuation of th…

ARTICLE 4 DOMESTIC INSURERS PART I. ORGANIZATION, POWERS AND SALE OF SECURITIES OF DOMESTIC INSURERS §431:4-101 Definitions. As used in this article: "Available surplus" means the excess over the minimum amount of surplus required for the classes of insurance the insurer is autho…

§431:4-102 Types of insurers permitted. An insurer formed in this State shall be either:

§431:4-103 Corporation law applies in general. The laws of this State relating to private corporations, except where inconsistent with the express provisions of this code, shall apply to incorporated domestic insurers. [L 1987, c 347, pt of §2]

§431:4-104 Articles of incorporation. (a) This section applies to insurers incorporated in this State. (b) The incorporators shall be individuals who are United States citizens, and a majority of them shall be residents of this State. The number of incorporators shall be: (c) Aft…

§431:4-105 Affidavit. (a) Before applying to the commissioner for an initial certificate of authority, a stock or mutual insurer is required to file with the commissioner an affidavit, sworn to by the president, secretary, and treasurer of the corporation as named in the articles…