HRS §431:16-202
Purpose of the insurance protection law
This law creates a safety net for people with life, health, or annuity policies if their insurance company goes broke. It sets up an association of insurers to pay benefits and keep coverage going. Member insurance companies must pay into this system.
everyone
The statute, as written — Purpose
(a) The purpose of this part is to protect, subject to certain limitations, the persons specified in section 431:16-203 against failure in the performance of contractual obligations, under life and accident and health or sickness insurance policies and annuity contracts specified in section 431:16-203(b), because of the impairment or insolvency of the member insurer that issued the policies or contracts. (b) To provide this protection, an association of insurers is created to pay benefits and to continue coverages as limited herein, and members of the association are subject to assessment to provide funds to carry out the purpose of this part.
Sections this one refers to
§431:16-203 Who gets coverage and what is covered
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