HRS §431:4-302
Rules for a new mutual insurer to get a license
This section says the state insurance commissioner will not give a license to a new mutual insurer unless it meets all the state's insurance rules and the minimum money requirements for the types of insurance it wants to sell. The applications it uses to prove it qualifies must be real, from Hawaii residents, and cover Hawaii property or risks. All its start-up money must be cash.
The statute, as written — Initial qualifications for mutual insurers
(a) The commissioner shall not issue a certificate of authority to a domestic mutual insurer unless: (1) It has fully qualified under this code; and (2) It has met the minimum requirements for the classes of insurance it proposes to transact as provided in this code. (b) All applications for insurance submitted by such an insurer as fulfilling qualification requirements shall be bona fide applications from persons resident in this State covering life, property, or risks resident or located in this State. (c) All qualifying premiums collected and initial surplus funds of such an insurer shall be in cash.
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