449-11 Fidelity bonds; insurance or other security devices.

HI Rev Stat § 449-11 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

§449-11 Fidelity bonds; insurance or other security devices. [See Note below.] A licensed escrow depository shall at all times either:

(1) Maintain a fidelity bond executed by a surety insurer authorized to do business in the State in an amount not less than $100,000; provided that any bond which is subject to a deductible thereunder in excess of $10,000 per occurrence shall require the prior approval of the commissioner, who may take into consideration, among other factors, the amount of the proposed bond; or

(2) Deposit an equivalent amount of cash or other security device under such terms and conditions as are acceptable to the commissioner,

upon all of its directors, officers, and employees who have access to money or negotiable securities or instruments in its possession or under its control. Notwithstanding the above provision, the escrow depository may carry bonds or deposit cash or securities above the amounts required by the commissioner. [L 1967, c 144, pt of §1; HRS §449-11; am L 1970, c 72, §2; am L 1985, c 269, §50; am L 1996, c 41, §1; am L 2001, c 184, §3; am L 2013, c 166, §7]

Note

The 2013 amendment, with respect to licensees in operation on June 21, 2013, shall take effect on the date of the renewal of the security device, but not later than July 1, 2014. L 2013, c 166, §11.

Previous Section

449-10 Suit on bond.

Next Section

449-12 Errors and omissions insurance or other security devices.