HRS §431:4F-103
How a foreign insurance company can enter Hawaii
This section explains how an insurance company from another country can use Hawaii as its entry point to do business in the United States. The company must get a Hawaii license, set up approved trust accounts with enough money, and pass certain checks. The state insurance commissioner has to approve this process.
businessesstate agencies
The statute, as written — Authorization of entry
(a) An alien insurer may use this State as a state of entry to transact insurance in the United States through a United States branch by: (1) Qualifying as an insurer licensed to do business in this State; and (2) Establishing trust accounts, pursuant to trust agreements approved by the commissioner with a United States financial institution approved by the commissioner, in an amount at least equal to the minimum capital and surplus or authorized control level risk-based capital, whichever is greater, required to be maintained by a domestic insurer licensed for the same kind of insurance. (b) Before authorizing the entry of a United States branch of any alien insurer through this State, the commissioner shall in addition to the requirements of section 431:4F-105 and any other requirement of this chapter, require the alien insurer to: (1) Comply with the requirements of section 431:3-212; (2) Submit an English language translation, as necessary, of any of the documents required in paragraph (1); and (3) Submit to an examination of the insurer's affairs at its principal office within the United States.
Sections this one refers to
§431:3-212 How an insurance company applies to do business in Hawaii
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.