HRS §431:3-205
New insurers must deposit money to do business
This section says that insurance companies that were not already licensed in Hawaii before July 1, 1988 must put a certain amount of money in a bank in Hawaii before they can sell insurance. The amount depends on the type of insurance. They must keep the money there and get approval before taking any out.
The statute, as written — Funds required of new insurers
Subject to section 431:3-203(a)(2), to qualify to transact any one class of insurance, an insurer, not existing and authorized in this State on July 1, 1988, shall: (1) Deposit in a federally insured financial institution within the State, paid-up capital stock in the case of a stock insurer, or unimpaired surplus if: (A) A reciprocal insurer; or (B) A mutual insurer that does not seek to qualify upon the basis of applications and premiums collected as provided in sections 431:4-303 to 431:4-307, in an amount not less than shown in the applicable Schedule "A"; (2) Maintain this deposit at all times while the insurer is licensed and transacting insurance in this State; and (3) Secure the approval of the commissioner before making withdrawals from the depository. Schedule "A" Class of Insurance Amount Required Life $ 600,000 Accident and Health or Sickness 450,000 Property 750,000 Marine and Transportation 1,000,000 Vehicle 1,000,000 General Casualty 1,500,000 Surety 1,000,000 Title 400,000.
Sections this one refers to
§431:3-203 Rules for getting an insurance license in Hawaii
§431:4-303 Requirements for a mutual property insurer to get a license
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