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431:3-205 Funds required of new insurers.

HI Rev Stat § 431:3-205 (2019) (N/A)
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§431:3-205 Funds required of new insurers. Subject to section 431:3-203(a)(2), to qualify to transact any one class of insurance, an insurer, not existing and authorized in this State on July 1, 1988, shall:

(1) Deposit in a federally insured financial institution within the State, paid-up capital stock in the case of a stock insurer, or unimpaired surplus if:

(A) A reciprocal insurer; or

(B) A mutual insurer that does not seek to qualify upon the basis of applications and premiums collected as provided in sections 431:4-303 to 431:4-307,

in an amount not less than shown in the applicable Schedule "A";

(2) Maintain this deposit at all times while the insurer is licensed and transacting insurance in this State; and

(3) Secure the approval of the commissioner before making withdrawals from the depository.

Schedule "A"

Class of Insurance Amount Required

Life $ 600,000

Accident and Health or Sickness 450,000

Property 750,000

Marine and Transportation 1,000,000

Vehicle 1,000,000

General Casualty 1,500,000

Surety 1,000,000

Title 400,000.

[L 1987, c 347, pt of §2 as superseded by c 348, §2; am L 1989, c 195, §13; am L 2003, c 212, §20; am L 2018, c 18, §24]

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431:3-204 Classes of insurance authorized
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431:3-206 Additional funds required, new insurers.