Chapter 431K — Chapter 431K
12 sections in this chapter.
HRS §431K-1 Definitions
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§431K-1 Definitions. As used in this chapter: "Board of directors" or "board" means the governing body of the risk retention group elected by the shareholders or members to establish policy, elect or appoint officers and committees, and make other governing decisions. "Commission…
HRS §431K-10 Penalties
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§431K-10 Penalties. A risk retention group which violates any provision of this chapter shall be subject to fines and penalties applicable to licensed insurers generally, including revocation of its license, the right to do business in this State, or both. All penalties collected…
HRS §431K-11 Duty of producer to obtain license and to keep records
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§431K-11 Duty of producer to obtain license and to keep records. (a) Any person acting or offering to act as a producer for a risk retention group or purchasing group which solicits members, sells insurance coverage, purchases coverage for its members located within the State, or…
HRS §431K-2 Risk retention groups chartered in this State
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§431K-2 Risk retention groups chartered in this State. (a) A risk retention group seeking to be chartered in this State shall be chartered and licensed as a liability insurance company authorized by the insurance laws of this State and, except as provided elsewhere in this chapte…
HRS §431K-3 Risk retention groups not
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§431K-3 Risk retention groups not chartered in this State. Risk retention groups chartered in states other than this State and seeking to do business as a risk retention group in this State shall observe and abide by the laws of this State as follows: NOTICE This policy is issued…
HRS §431K-3.5 Registration fees and service fees of risk
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§431K-3.5 Registration fees and service fees of risk retention groups not chartered in this State. (a) A risk retention group chartered in states other than this State and seeking to do business as a risk retention group in this State shall pay an initial registration fee of $300…
HRS §431K-4 Compulsory associations
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§431K-4 Compulsory associations. (a) No risk retention group shall be permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this State, nor shall any risk retention group or its insureds receive any benefit from any such f…
HRS §431K-5 REPEALED
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§431K-5 REPEALED. L 1989, c 272, §9.
HRS §431K-7 Notice and registration requirements of purchasing groups
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§431K-7 Notice and registration requirements of purchasing groups. (a) A purchasing group that intends to do business in this State shall furnish, on forms prescribed by the National Association of Insurance Commissioners, notice to the commissioner that shall include the followi…
HRS §431K-7.1 Registration fees and service fees of purchasing groups
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§431K-7.1 Registration fees and service fees of purchasing groups. (a) A purchasing group that intends to do business in this State shall pay an initial registration fee of $300 to the commissioner and shall thereafter pay annually a service fee of $150 on or before the extension…
HRS §431K-8 Restrictions on insurance purchased by purchasing groups
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§431K-8 Restrictions on insurance purchased by purchasing groups. (a) A purchasing group located in this State may not purchase insurance from: unless the purchase is made through a licensed producer acting pursuant to the surplus lines laws set forth in article 8 of chapter 431.…
HRS §431K-9 Administrative and procedural authority regarding risk retention groups and purchasing groups
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§431K-9 Administrative and procedural authority regarding risk retention groups and purchasing groups. The commissioner is authorized to make use of any of the powers established under chapter 431 to enforce the laws of this State as long as those powers are not specifically pree…