HRS §431:4-116
Who pays debts before a company is fully set up
Read the official text at capitol.hawaii.gov ↗This section says the people who start an insurance company are personally responsible for its debts until it gets a license. For other companies, the founders are responsible until the company is fully organized. Money from stock subscriptions can be used to pay startup costs if allowed.
developers
The statute, as written — Expense pending completion
A copy, taken August 20, 2026. The version published by the Legislature is the one that governs, and it may have changed since. Check it before relying on anything here.
(a)(1) The incorporators of any insurer shall be jointly and severally liable for its debts or liabilities until it has secured a certificate of authority. (2) The incorporators of a corporation other than an insurer or the persons proposing to form a reciprocal insurer shall be jointly and severally liable for its debts or liabilities until it has completed its organization. (b) Any portion of funds received on account of stock subscriptions which is allowed under the solicitation permit, may be applied concurrently toward the payment of promotion and organization expenses incurred.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.