HRS §431:11A-101
Definitions for insurance producer control rules
This section defines key terms used in the article about insurance producers and insurers. It explains what an accredited state, control, controlled insurer, controlling producer, licensed insurer, and producer mean. It also lists what is not a licensed insurer, like residual market pools and most captive insurance companies.
The statute, as written — Definitions
For purposes of this article: "Accredited state" means a state in which the insurance department or regulatory agency meets the minimum financial regulatory standards promulgated from time to time by the National Association of Insurance Commissioners. "Control" has the meaning ascribed in section 431:11-102. "Controlled insurer" means a licensed insurer which is controlled, directly or indirectly, by a producer. "Controlling producer" means a producer who, directly or indirectly, controls an insurer. "Licensed insurer" or "insurer" means any person, firm, association, or corporation duly licensed to transact a property or casualty insurance business in this State. The following are not licensed insurers for the purposes of this article: (1) All residual market pools and joint underwriting authorities or associations; and (2) Captive insurance companies as defined in section 431:19-101, other than risk retention captive insurance companies. "Producer" means any person, firm, association, or corporation licensed pursuant to article 9A, when, for any compensation, commission, or other thing of value, the person, firm, association, or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association, or corporation.
Sections this one refers to
§431:19-101 Definitions for captive insurance companies
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