HRS §431:19-205
Approval needed for plan changes and shutdowns
This section says a special purpose financial captive insurance company must get the insurance commissioner's approval before changing its plan of operation, dissolving, or stopping any part of its business. But if the change is already in the plan and the commissioner is told in advance, no approval is needed. The company must also tell the commissioner in advance if any security changes legal ownership.
The statute, as written — Changes in plan of operation; voluntary dissolution or cessation of business
(a) Any change in the special purpose financial captive insurance company's plan of operation shall require the prior approval of the commissioner. (b) Any transaction or series of transactions shall be subject to the prior approval of the commissioner if the transaction or series of transactions: (1) Is undertaken to dissolve a special purpose financial captive insurance company; or (2) Results in the termination of all or any part of a special purpose financial captive insurance company's business; provided that no prior approval of the commissioner shall be required for any transaction or series of transactions performed in accordance with a document, contract, or agreement described in the special purpose financial captive insurance company's plan of operation and if the commissioner is notified in advance of the transaction or series of transactions. (c) A special purpose financial captive insurance company shall notify the commissioner in advance of any change in the legal ownership of any security issued by the special purpose financial captive insurance company.
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