HRS §431:4-305
Requirements for a mutual vehicle insurer to get a license
This section says what a domestic mutual vehicle insurer must do to get a certificate of authority. It must have enough applications, collect premiums, and have a certain surplus. Alternatively, it can meet a higher surplus requirement instead.
businesses
The statute, as written — Mutual vehicle insurer
(a) When applying for a certificate of authority, a domestic mutual insurer formed to transact vehicle insurance must: (1) Have applications from at least two hundred persons for insurance covering at least five hundred separate vehicles, for a maximum of retained liability not in excess of $50,000 for any one accident or other liability; and (2) Have collected from each applicant the proper premium for insurance for one year according to its schedule of premium rates 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 $1,000,000. (b) In lieu of the applications, premiums, and surplus, it is required to have a surplus amounting to not less than $1,500,000 over all liabilities.
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