HRS §431:19-307
Delinquency of sponsored captive insurance companies
This section says that when a sponsored captive insurance company becomes delinquent, the general insurance delinquency rules apply, with two special limits. Each protected cell's money can only pay that cell's own costs or claims. The company's main capital and surplus must always be available for the company's own expenses or claims.
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The statute, as written — Delinquency of sponsored captive insurance companies
In the case of a sponsored captive insurance company, article 15 shall apply; provided that: (1) The assets of a protected cell may not be used to pay any expenses or claims other than those attributable to the protected cells; and (2) Its capital and surplus shall at all times be available to pay any expenses of or claims against the sponsored captive insurance company.
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