HRS §431:4F-101
Definitions for Alien Insurers in Hawaii
This section defines special terms used in this part of the insurance law. It explains what an alien insurer, trusteed assets, trusteed surplus, and United States branch mean. These definitions help clarify how foreign insurance companies operate in Hawaii.
The statute, as written — Definitions
As used in this article, unless the context requires otherwise: "Alien insurer" has the same meaning as set forth in section 431:3-101. "Trusteed assets" mean the assets in a trust account required by section 431:4F-104. "Trusteed surplus" means the aggregate value of the insurer's general state deposits and trusteed assets deposited with a trustee in compliance with section 431:4F-105, plus accrued investment income thereon where such interest is collected by the states for trustees, less the aggregate net amount of all of the insurer's reserves and other liabilities in the United States as determined in accordance with section 431:4F-106. "United States branch" means the business unit through which business is transacted within the United States by an alien insurer and the assets and liabilities of the insurer within the United States pertaining to such business.
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