HRS §431:3-207
Old insurers can keep old capital rules for five years
This section lets certain insurance companies that were already licensed in Hawaii before July 1, 1988, keep using the old capital and surplus rules for five years after that date. After that, they must meet the same capital and surplus requirements as newly formed domestic stock insurers. They cannot add new types of insurance unless they meet the current requirements.
The statute, as written — Noncompliance as to capital stock and surplus permitted certain insurers for five years
(a) A domestic or foreign insurer holding a valid certificate of authority to transact insurance in this State as of July 1, 1988, for a period of five years after that date, may continue to transact the kinds of insurance permitted by the certificate of authority by complying with this code and by maintaining unimpaired not less than the same amount of paid-in capital stock or surplus, if a mutual or reciprocal insurer, as required under the laws of this State immediately prior to July 1, 1988, and as if the laws had continued in force. After the five-year period, the insurer shall have and maintain not less than the same amount of paid-in capital stock and surplus as is then required of domestic stock insurers newly formed. (b) An insurer specified in subsection (a) shall not be granted authority to transact any other or additional kinds of insurance after the five-year period specified unless it then fully complies with the capital and surplus requirements applied to all the kinds of insurance it then proposes to transact, as provided under section 431:3-205 as to new domestic insurers.
Sections this one refers to
§431:3-205 New insurers must deposit money to do business
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