HRS §431:10D-506
Duties of the existing insurer when a policy is replaced
When your life insurance policy is being replaced, your current insurer must keep records of the replacement, send you information about your policy's value if you ask, and warn you before releasing money from your policy. This section only covers what your current insurer must do.
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The statute, as written — Duties of the existing insurer
Where a replacement is involved in the transaction, the existing insurer shall: (1) Retain and be able to produce all replacement notifications received, indexed by replacing insurer, for at least five years or until the conclusion of the next regular examination conducted by the insurance commissioner of its state of domicile, whichever is later; (2) Send a letter to the policy or contract owner of the right to receive information regarding the existing policy or contract values including, if available, an in force illustration or policy summary if an in force illustration cannot be produced within five business days of receipt of a notice that an existing policy or contract is being replaced. The information shall be provided within five business days of receipt of the request from the policy or contract owner; and (3) Upon receipt of a request to borrow, surrender, or withdraw any policy values, send a notice, advising the policy owner that the release of policy values may affect the guaranteed elements, non-guaranteed elements, face amount, or surrender value of the policy from which the values are released. The notice shall be sent separate from the check if the check is sent to anyone other than the policy owner. In the case of consecutive automatic premium loans, the insurer is only required to send the notice at the time of the first loan.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.