HRS §431:4-304
Requirements for a mutual casualty insurer to get a license
A domestic mutual casualty insurer must meet certain requirements before it can get a certificate of authority. It can either have many applications, premiums, and a large surplus, or just have a larger surplus. This section lists those specific requirements.
businesses
The statute, as written — Mutual casualty insurer
(a) When applying for a certificate of authority a domestic mutual insurer proposing to transact casualty insurance, including vehicle insurance, must: (1) Have applications for the insurance in a reasonable amount from at least two hundred and fifty persons covering not less than five hundred separate risks; and (2) Have collected from each applicant the proper premium for a term of not less than one year at a rate filed with and approved by the commissioner; and (3) Have a surplus over all liabilities, as at completion of issuance of the insurance contracts so applied for, amounting to not less than $1,500,000. (b) In lieu of the applications, premiums, and surplus, it is required to have a surplus amounting to not less than $2,250,000 over all liabilities.
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