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431:4F-103 Authorization of entry.

HI Rev Stat § 431:4F-103 (2019) (N/A)
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§431:4F-103 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. [L 2004, c 120, pt of §2; am L 2010, c 116, §1(4)]

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431:4F-102 Scope.
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431:4F-104 Maintenance of trust account.