HRS §431:15-309
Dissolution of an insurance company
This section says how an insurance company is formally ended (dissolved). The state insurance commissioner can ask a court to dissolve a company that is being liquidated. The court must order dissolution when the commissioner asks, and it happens automatically when the liquidator finishes if the company is insolvent.
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The statute, as written — Dissolution of insurer
The commissioner may petition for an order dissolving the corporate existence of a domestic insurer or the United States branch of an alien insurer domiciled in this State at the time the commissioner applies for a liquidation order. The court shall order dissolution of the corporation upon petition by the commissioner, upon or after the granting of a liquidation order. If the dissolution has not previously been ordered, it shall be effected by operation of law upon the discharge of the liquidator if the insurer is insolvent, but may be ordered by the court upon the discharge of the liquidator if the insurer is under a liquidation order for some other reason.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.