Title 24, Insurance

§431:10D-205 Trustee groups. The lives of a group of individuals may be insured under a policy issued to the trustees of a fund established by two or more employers or by one or more labor unions, or by one or more employers and one or more labor unions which trustees shall be de…

§431:10D-206 Agent groups. The lives of a group of individuals may be insured under a policy issued to a principal, or if such principal is a life insurer, by or to such principal covering when issued not less than twenty-five agents of the principal, subject to the following req…

§431:10D-207 Public employee association groups. The lives of a group of individuals may be insured under a policy issued to an association of public employees, which shall be deemed the policyholder, to insure members of the association for the benefit of persons other than the …

§431:10D-208 Mutual benefit society groups. The lives of a group of individuals may be insured under a policy issued to a mutual benefit society, which shall be deemed the policyholder, to insure members of the society for the benefit of persons other than the society or any of i…

§431:10D-209 Professional association groups. The lives of a group of individuals may be insured under a policy issued to an association of professional persons, which shall be deemed the policyholder, to insure members of the association for the benefit of persons other than the…

§431:10D-210 Occupation, industry, or trade association groups. The lives of a group of individuals may be insured under a policy issued to an association of individuals belonging to a single occupation, industry, or trade association, which shall be deemed the policyholder, to i…

§431:10D-211 Credit union groups. The lives of the members of a credit union may be insured under a policy issued to the credit union that shall be deemed the policyholder to insure members of the credit union for the benefit of persons other than the credit union or any of its o…

[§431:10D-211.5] Other groups; limits. Group life insurance offered to a Hawaii resident under a group life insurance policy issued to a group, other than a group described in sections 431:10D-202 through 431:10D-211, shall be subject to the following requirements:

§431:10D-212 Spouses and dependents of insured individuals. (a) Except for a policy issued under sections 431:10D-203 and 431:10D-211, insurance under any group life insurance policy issued pursuant to this article may be extended to insure the employees or members of such groups…

§431:10D-213 Standard provisions required. (a) No policy of group life insurance shall be delivered or issued for delivery in this State unless it contains in substance the standard provisions set forth below, or provisions that in the opinion of the commissioner are more favorab…

§431:10D-214 Notice to insured regarding conversion right. If any individual insured under a group life insurance policy delivered in this State becomes entitled under the terms of the policy to have an individual policy of life insurance issued to the individual without evidence…

§431:10D-215 Assignment of policies. Subject to the terms of the policy, or pursuant to an agreement between the insured, the group policyholder, and the insurer, any person insured under a group life insurance policy may make to any person, other than the policyholder, an assign…

PART III. INDUSTRIAL LIFE INSURANCE §431:10D-301 Scope. This part shall apply only to industrial life insurance contracts. [L 1987, c 347, pt of §2]

§431:10D-302 General life insurance provisions applicable. The following [sections] of part I of this article shall apply to industrial life insurance policies:

§431:10D-303 Industrial life insurance defined. Industrial life insurance is any life insurance provided by an individual insurance contract issued in face amount of less than $1,000 under which premiums are payable monthly or more often, and bearing the words "Industrial Policy"…

§431:10D-304 Compliance required. No policy of industrial life insurance shall be delivered or be issued for delivery in this State, except in compliance with the provisions of this part, and with other applicable provisions of this code. [L 1987, c 347, pt of §2]

§431:10D-305 Standard provisions required. No policy of industrial life insurance shall be issued or delivered unless it contains in substance the provisions as required by this part, or provisions which in the opinion of the commissioner are at least as favorable to the policyho…

§431:10D-306 Title on policy. There shall be a title on the face of each policy briefly describing its form. [L 1987, c 347, pt of §2]

§431:10D-307 Beneficiary. (a) Each policy shall have a space on the front or back page of the policy for the name of the beneficiary designated with a reservation of the right to designate or change the beneficiary after the issuance of the policy. (b) The policy may also provide…

§431:10D-308 Facility of payment. Such a policy may also provide that if the beneficiary designated in the policy does not surrender the policy with due proof of death within the period stated in the policy, which shall not be less than thirty days after the death of the insured,…

§431:10D-309 Premiums paid direct. In the case of weekly premium policies, there may be a provision that upon proper notice to the insurer while premiums on the policy are not in default beyond the grace period, of the intention to pay future premiums directly to the insurer at i…

§431:10D-310 Application to term and specified insurance. Any of the provisions required by this part or any portion thereof which are not applicable to single premium or term policies or to policies issued or granted pursuant to nonforfeiture provisions, shall to that extent not…

§431:10D-311 Crediting of dividends. An insurer shall credit annually beginning not later than the fifth policy year, any dividend arising under a participating industrial life insurance contract. [L 1987, c 347, pt of §2]

§431:10D-312 Prohibited provisions. No industrial life insurance policy shall contain:

§431:10D-313 Limitation of liability. The insurer may in any such policy limit its liability for the same causes and to the same extent as is provided in section 431:10D-312 for other life insurance contracts. [L 1987, c 347, pt of §2]

[PART IV.] LIFE INSURANCE POLICY ILLUSTRATIONS [§431:10D-401] Scope. This part shall apply to all group and individual life insurance policies and certificates except:

[§431:10D-402] Definitions. For the purposes of this part: "Actuarial Standards Board" means the board established by the American Academy of Actuaries to develop and adopt standards of actuarial practice. "Basic illustration" means a ledger or proposal used in the sale of a life…

[§431:10D-403] Policies to be illustrated. (a) Each insurer marketing policies to which this part is applicable shall notify the commissioner whether a policy form is to be marketed with or without an illustration. For all policy forms being actively marketed on July 1, 2001, the…

[§431:10D-404] General requirements and prohibitions. (a) An illustration used in the sale of a life insurance policy shall satisfy the applicable requirements of this part, be clearly labeled "life insurance illustration", and contain the following basic information: (b) When us…

[§431:10D-405] Standards for basic illustrations. (a) The format of a basic illustration shall conform with the following requirements: (b) A basic illustration shall include a narrative summary which shall include the following: (c) Following the narrative summary, a basic illus…

[§431:10D-406] Standards for supplemental illustrations. (a) A supplemental illustration may be provided so long as: (b) The supplemental illustration shall include a notice referring to the basic illustration for guaranteed elements and other important information. [L 2000, c 25…

§431:10D-407 Delivery of illustration and record retention. (a) If a basic illustration is used by an insurance producer or other authorized representative of the insurer in the sale of a life insurance policy and the policy is applied for as illustrated, a copy of that illustrat…

§431:10D-408 Annual reports and notice to policy owners. (a) In the case of a policy designated as one for which illustrations will be used, the insurer shall provide each policy owner with an annual report on the status of the policy that shall contain at least the following inf…

§431:10D-409 Annual certifications. (a) The board of directors of each insurer shall appoint one or more illustration actuaries. (b) The illustration actuary shall certify that the disciplined current scale used in illustrations is in conformity with the Actuarial Standard of Pra…

§431:10D-410 Penalties. In addition to any other penalties provided by the laws of this State, an insurer or producer that violates a requirement of this part shall be guilty of an unfair or deceptive act or practice in violation of article 13. [L 2000, c 252, pt of §2; am L 2004…

[§431:10D-411] Authority to adopt rules. The commissioner may adopt rules under chapter 91 implementing this part. [L 2000, c 252, pt of §2]

[PART V.] REPLACEMENT OF LIFE INSURANCE POLICIES AND ANNUITIES §431:10D-501 Purpose and scope. (a) The purpose of this part is to: (b) Unless otherwise specifically included, this part shall not apply to transactions involving: (c) Registered contracts shall be exempt from the re…

§431:10D-502 Definitions. For the purposes of this part: "Direct-response solicitation" means a solicitation through a sponsoring or endorsing entity or individual solely through mails, telephone, the Internet, or other mass communication media. "Existing insurer" means the insur…

§431:10D-503 Duties of producers. (a) A producer who initiates an application shall submit to the insurer, with or as part of the application, a statement signed by both the applicant and the producer as to whether the applicant has existing policies or contracts. If the answer i…

§431:10D-504 Duties of insurers that use producers. Each insurer shall:

§431:10D-505 Duties of replacing insurers that use producers. (a) Where a replacement is involved in the transaction, the replacing insurer shall: (b) In transactions where the replacing insurer and the existing insurer are the same or subsidiaries or affiliates under common owne…

[§431:10D-506] Duties of the existing insurer. Where a replacement is involved in the transaction, the existing insurer shall:

§431:10D-507 Duties of insurers with respect to direct-response solicitations. (a) In the case of an application that is initiated as a result of a direct-response solicitation, the insurer shall require, with or as part of each completed application for a policy or contract, a s…

§431:10D-508 Violations and penalties. (a) Any failure to comply with this part shall be considered a violation of article 13 of this chapter. Violations shall include but are not limited to: (b) Policy and contract owners have the right to replace existing life insurance policie…

[§431:10D-509] Authority to adopt rules. The commissioner may adopt rules under chapter 91 implementing this part. [L 2000, c 252, pt of §3]

[PART VI.] ANNUITY DISCLOSURE [§431:10D-601] Definitions. Whenever used in this part, unless a different meaning clearly appears from the context: "Buyer's guide" means: "Contract owner" means the owner named in the annuity contract or certificate holder in the case of a group an…