HRS §432G-17
Approval needed to take over a dental insurer
This section says you must get the insurance commissioner's approval before taking control of a dental insurer, such as by buying its voting shares or merging with it. You must file required information with the commissioner and the insurer first. If the commissioner does not act within 30 days, the takeover is considered approved.
everyone
The statute, as written — Acquisition of control of or merger of a dental insurer
No person may make a tender for or a request or invitation for tenders of, enter into an agreement to exchange securities for, or acquire in the open market or otherwise, any voting security of a dental insurer or enter into any other agreement if, after the consummation thereof, that person, directly or indirectly, or by conversion or by exercise of any right to acquire, would be in control of the dental insurer, and no person may enter into an agreement to merge or consolidate with or otherwise to acquire control of a dental insurer, unless, at the time any offer, request, or invitation is made or any agreement is entered into, or prior to the acquisition of the securities if no offer or agreement is involved, the person has filed with the commissioner and has sent to the dental insurer information required by section 431:11-104 and the offer, request, invitation, agreement, or acquisition has been approved by the commissioner. Approval by the commissioner shall be governed by section 431:11-104(d); provided that if no action is taken by the commissioner within thirty days, the offer, request, invitation, agreement, or acquisition shall be deemed approved.
Sections this one refers to
§431:11-104 Rules for buying control of or merging with a Hawaii insurance company
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.