HRS §431:4-307
Requirements for a mutual health insurer to get a license
This section explains what a domestic mutual accident and health or sickness insurer must do to get a certificate of authority. It must have a certain number of applications, collect premiums, and have a minimum surplus. There is also an alternative option with a higher surplus requirement.
businesses
The statute, as written — Mutual accident and health or sickness insurer
(a) When applying for a certificate of authority, a domestic mutual accident and health or sickness insurer shall: (1) Have at least five hundred applications from at least five hundred persons for individual accident and health or sickness insurance providing not more than $1,000 of accidental death benefit and not more than $25 of weekly indemnity for each applicant; (2) Have collected from each applicant the proper premium for one year, and have so received from all applicants premiums aggregating at least $25,000; 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 $450,000. (b) In lieu of the applications, premiums, and surplus, it is required to have a surplus amounting to not less than $675,000 over all liabilities.
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