HRS §431:19-304
Who can be a sponsor for a sponsored captive insurance company
This section says who is allowed to be a sponsor of a sponsored captive insurance company. It lists certain types of insurers and other approved entities, but it bans risk retention groups from being sponsors.
businesses
The statute, as written — Qualification of sponsors
A sponsor of a sponsored captive insurance company shall be an insurer licensed under laws of any state, a reinsurer authorized or approved under the laws of any state, a captive insurance company formed or licensed under this article, or any other person, company, or organization approved by the commissioner in the exercise of the commissioner's discretion, after finding that the approval of that person, company, or organization as a sponsor is not inconsistent with the purposes of this article. A risk retention group shall not be a sponsor of a sponsored captive insurance company.
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