HRS §431:19-301
How a sponsored captive insurance company is formed
One or more sponsors can start a sponsored captive insurance company under this law. The company must be set up as a stock insurer, a nonprofit corporation, or a limited liability company. This section only covers the basic formation rules.
businesses
The statute, as written — Formation
(a) One or more sponsors may form a sponsored captive insurance company under this part. In addition to the general provisions of this article, the provisions of this part shall apply to sponsored captive insurance companies. (b) A sponsored captive insurance company shall be incorporated as a stock insurer with its capital divided into shares and held by the stockholders, as a nonprofit corporation with one or more members, or as a member-managed or manager-managed limited liability company.
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