HRS §431:6-402
Insurance companies cannot underwrite or hold back property sales
This section stops insurance companies from helping to sell securities before they are issued, or from teaming up with others to do so. It also stops them from agreeing to hold back their own property from sale or to buy back property they have already sold.
The statute, as written — Securities underwriting; agreements to withhold or to repurchase
No insurer shall: (1) Participate in the underwriting of the marketing of securities in advance of their issuance or enter into any transaction for such underwriting for the account of such insurer jointly with any other person; or (2) Enter into any agreement to withhold from sale any of its property, or to repurchase any property sold by it.
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