Title 24, Insurance

§431:20-107 Capital requirements. A title insurer shall have a minimum capital, which shall be paid in and maintained, of not less than $400,000. [L 1987, c 347, pt of §2 as superseded by c 348, §21]

§431:20-108 Guarantee fund. (a) A title insurer, before issuing any title insurance policy covering property located in this State, shall deposit $400,000 with the commissioner, which deposit shall be known as a guarantee fund and shall be held for the security and protection of …

§431:20-109 Limitations on compliance with section 431:20-107 and section 431:20-108. If section 431:20-107 or section 431:20-108 requires a greater amount of capital and surplus or deposits than that required of a title insurer prior to July 1, 1988, such title insurer shall hav…

§431:20-110 Purchase of materials and plant; valuation. Any domestic title insurer, after having its required capital paid in and depositing its required guarantee fund with the commissioner, may invest its funds in the preparation and purchase of materials and plant necessary to…

§431:20-110.5 Dividends. A title insurer shall not pay any dividends except from profits remaining on hand after retaining unimpaired assets aggregating in value an amount equal to the sum of the following:

§431:20-111 Loans to officers, etc. A title insurer shall not directly or indirectly make a loan from its assets to any of its officers, employees, or directors, or to any member of the family of any officer or director. Any officer, director, agent, or employee of any such insur…

§431:20-112 Limit of risk. No insurer transacting title insurance in this State shall expose itself to any one risk in an amount exceeding fifty per cent of the aggregate amount of its total capital and surplus and its reserves other than its loss or claim reserves. As used in th…

§431:20-113 Underwriting standards and record retention. (a) No title insurance policy may be written unless and until the title insurer has caused to be conducted a reasonable search and examination of the title, and has caused to be made a determination of insurability of title…

§431:20-114 Reinsurance reserve. (a) A domestic title insurer shall establish and maintain a reinsurance reserve computed in accordance with this section, and all sums attributed to the reserve shall at all times and for all purposes be considered and constitute unearned portions…

§431:20-115 Use of reinsurance reserve on liquidation, dissolution or insolvency. (a) If a domestic title insurer becomes insolvent, is in the process of liquidation or dissolution, or is in the possession of the commissioner: (b) If reinsurance is not obtained, assets equal to t…

§431:20-116 Loss and loss expense reserve. (a) All title insurers licensed in this State shall establish and maintain reserves against unpaid losses and loss expenses. (b) Upon receiving notice from or on behalf of the insured of a title defect in, or lien or adverse claim agains…

§431:20-117 Reinsurance. (a) A title insurer may obtain reinsurance for all or any part of its liability under one or more of its title insurance policies or reinsurance agreements, and may also reinsure title insurance policies issued by other title insurers on risks located in …

§431:20-118 Prohibition on rebates and inducements. (a) No title insurer, controlled escrow company, or underwritten title company shall: (b) No title insurer shall issue any title policy in any transaction in connection with which it or any person, who is a controlled escrow com…

§431:20-119 Division of fees. Nothing in this article shall prohibit the division of fees or charges between two or more title insurers or between one or more title insurers and one or more underwritten title companies, if such division does not constitute an unlawful rebate or i…

§431:20-120 Schedules of premiums and charges. (a) Every title insurer shall adopt, print, and make available to the public schedules of its currently effective premiums and charges. (b) The schedules shall: (c) The schedule may: (d) All or any part of any schedule may be changed…

§431:20-121 Contract forms, filing, disapproval. (a) Every title insurer shall at least thirty days before use, file with the commissioner every form of insurance contract which it proposes to issue as to risks located in this State, together with the forms of all printed endorse…

§431:20-122 Annual statement. Every title insurer shall include in its annual statement furnished to the commissioner pursuant to section 431:20-103(4), the name of each person in this State which is a controlled escrow company or underwritten title company by reason of its relat…

§431:20-123 Remedies. In enforcing this article, the commissioner shall be entitled to the remedies provided for in section 431:20-103(2), (3), and (4). [L 1987, c 347, pt of §2; am L 2004, c 122, §79]

§431:20-124 Additional penalty. Every title insurer, controlled escrow company, and underwritten title company who pays any commission or who makes any unlawful rebate in violation of this article shall be liable to this State for five times the amount of any such commission or u…

§431:20-125 Revocation or suspension of title insurer's certificate of authority. (a) The commissioner may after a hearing suspend or revoke the certificate of authority of any title insurer which: (b) The hearings shall be conducted in accordance with section 431:20-103(3) and t…

ARTICLE 21 HAWAII PROPERTY INSURANCE ASSOCIATION [§431:21-101] Purpose. The purpose of this article is to establish the Hawaii Property Insurance Association to:

§431:21-102 Definitions. As used in the article: "Association" means the Hawaii Property Insurance Association created under section 431:21-103. "Basic property insurance" means insurance against direct loss to real or tangible personal property from perils insured under the stan…

§431:21-103 Creation of association. (a) There is created a nonprofit unincorporated legal entity to be known as the Hawaii Property Insurance Association. All insurers included in the definition of member insurer in section 431:21-102 shall be and remain members of the associati…

§431:21-104 Board of directors. (a) The board of directors shall have responsibility and control over the organization, management, policies, and activities of the association. The board of directors of the association shall consist of twelve persons serving terms as established …

§431:21-105 Powers and duties of the association. (a) In addition to any other requirements imposed by law, the association shall: (b) In addition to any other powers allowed by law, the association may:

[§431:21-105.5] Default in payment of assessments. In the event any member insurer fails to pay any assessment by the association when due, the association shall report the default in writing to the commissioner no later than five days after the default and may bring a civil acti…

§431:21-106 Plan of operation. (a) The association shall submit to the commissioner a plan of operation and any amendments to the plan necessary or suitable to ensure the fair, reasonable, and equitable administration of the association. The plan of operation and any amendment sh…

§431:21-107 Coverage eligibility. (a) After consultation with representatives of the United States Geological Survey, the state department of defense, and the county in which the area is located, the commissioner shall designate the geographical area eligible for coverage in lava…

[§431:21-108] Renewals of existing policies. Member insurers shall renew policies in existence on June 18, 1991, on property situated in the area designated by the commissioner under section 431:21-107. A member insurer may choose not to renew such a policy if the insured propert…

§431:21-109 Insurance coverages available under plan. All properties qualifying for coverage under the plan of operation shall be eligible for the standard fire policy and extended coverage endorsement. The association shall provide additional coverages when directed by the commi…

[§431:21-110] Application; inspection. (a) Any person having an insurable interest in real or tangible personal property who has been unable to obtain basic property insurance from a licensed insurer may apply to the association for coverage. (b) Within ten days of receiving an a…

[§431:21-111] Duties and powers of the commissioner. (a) The commissioner shall provide the association with a statement of the net direct written premiums of each member insurer. (b) The commissioner shall approve an assessment of member insurers by the association when the asso…

[§431:21-112] Reports. (a) The association shall submit to the commissioner each year not later than one hundred twenty days after the association's fiscal year, a financial report in a form approved by the commissioner. (b) The commissioner may require other reports from insurer…

§431:21-113 Appeals. Any applicant or member insurer affected by a decision of the association shall have the right to appeal to the board of directors within thirty days after the decision. The application for appeal shall specify in what respects the person making the appeal wa…

[§431:21-114] Tax exemptions. The association shall be exempt from payment of all fees and all taxes levied by this State. [L 1991, c 284, pt of §2]

§431:21-115 Recoupment of assessments paid. (a) Subject to the approval of the commissioner, each member insurer shall annually recoup assessments paid by the member insurer under section 431:21-105(b)(6). The recoupment shall be recovered by means of a surcharge on premiums char…

[§431:21-116] Examination. For the purpose of ascertaining its condition, or compliance with this article, the commissioner, as often as the commissioner deems advisable, may examine the accounts, records, documents, and transactions of the association. The association shall pay …

§431:21-117 Immunity and limitation on liability. There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer, the association or its agents or employees, the board of directors, the commissioner, or the commissioner's re…

[§431:21-118] Status of association policies. All financial institutions shall consider a policy issued by the association to be the same as a similar policy issued by an insurer authorized to transact insurance in this State. [L 1991, c 284, pt of §2]

§431:21-119 Issuance of new policies; removal of moratorium. If residential property insurance is unavailable, as determined by the commissioner, due to a moratorium on the issuance of policies on property situated in lava zones where the mayor of the county of Hawaii has issued …

[ARTICLE 22] LOSS MITIGATION GRANT PROGRAM §431:22-101 Definitions. As used in this article: "Commissioner" means the insurance commissioner. "Loss mitigation" means actions undertaken to reduce losses that may result from a hazard. "Wind resistive devices" means devices, techniq…

§431:22-103 Establishment of loss mitigation grant program. The commissioner shall develop and implement a pilot grant program to encourage the installation of wind resistive devices. The commissioner may spend up to $6,000,000 over three years for the grant program, which amount…

§431:22-104 Standards for the award of grants. (a) Subject to the availability of funds and the standards in this article, grants for wind resistive devices shall be awarded by the commissioner: (b) Grants shall be awarded for the installation of the following: The description, s…

[§431:22-105] Technical advisory committee. The commissioner shall appoint an advisory committee of persons having expertise and familiarity relevant to the mitigation grant program and feasibility study report. [L 2002, c 179, pt of §3]

[ARTICLE 26] HEALTH BENEFIT PLAN NETWORK ACCESS AND ADEQUACY [§431:26-101] Definitions. As used in this article: "Active course of treatment" means: The term "active course of treatment" includes treatment of a covered person on a regular basis by a provider being removed from or…

§431:26-102 Applicability and scope. (a) Except as otherwise provided in this section, this article applies to all health carriers that offer fully insured network plans. (b) The following shall not apply to health carriers that offer network plans that consist solely of limited …