Terms Used In Hawaii Revised Statutes > Chapter 431 > Article 19 > Part III - Sponsored Captive Insurance Companies

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means two or more members who are engaged in business or activities similar or related to the liability to which these members are exposed by virtue of any related, similar, or common business trade, product, services, premises, or operations; provided that the members of the association shall be individuals, corporations, limited liability companies, partnerships, associations, or other entities, except labor organizations, the member organizations of which or which does itself, whether or not in conjunction with some or all of the member organizations:

  (1) Own, control, or hold with power to vote all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer;

  (2) Have complete voting control over an association captive insurance company incorporated as a mutual insurer;

  (3) Constitute all of the subscribers of an association captive insurance company formed as a reciprocal insurer; or

  (4) Have complete voting control over an association captive insurance company formed as a limited liability company. See Hawaii Revised Statutes 431:19-101

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 415A-2
• Disqualified person: means any natural person, corporation, partnership, fiduciary, trust, association, government agency, or other entity which for any reason is or becomes ineligible under this chapter to own shares issued by a professional corporation. See Hawaii Revised Statutes 415A-2
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Inter vivos: Transfer of property from one living person to another living person.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensing authority: means the officer, board, agency, court, or other authority in this State which has the power to issue a license or other legal authorization to render a professional service. See Hawaii Revised Statutes 415A-2
• Participant: means an entity that meets the requirements of § 431:19-305, and any affiliated entities thereof that are insured by a sponsored captive insurance company where the losses of the participant may be limited through a participant contract to the participant's pro rata share of the assets of one or more protected cells identified in the participant contract. See Hawaii Revised Statutes 431:19-101
• Participant contract: means a contract by which a sponsored captive insurance company insures the risks of a participant and may also limit the losses of each participant to its pro rata share of the assets of one or more protected cells identified in such participant contract. See Hawaii Revised Statutes 431:19-101
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Professional corporation: means a domestic professional corporation for profit subject to this chapter. See Hawaii Revised Statutes 415A-2
• Professional service: means any service that lawfully may be rendered only by persons licensed under chapters 442, 448, 453, 455, 457, 459, 461, 463E, 465, 466, 471, and 605. See Hawaii Revised Statutes 415A-2
• Protected cell: means a separate account established by a sponsored captive insurance company formed or licensed under this article in which assets are maintained for one or more participants in accordance with the terms of one or more participant contracts to fund the liability of the sponsored captive insurance company assumed on behalf of the participants as set forth in the participant contracts. See Hawaii Revised Statutes 431:19-101
• Qualified person: means an individual who is eligible under this chapter to own shares issued by a professional corporation. See Hawaii Revised Statutes 415A-2
• Sponsor: means any entity that meets the requirements of § 431:19-304 and is approved by the commissioner to provide all or part of the minimum required capital and surplus of a sponsored captive insurance company and to organize and operate a sponsored captive insurance company. See Hawaii Revised Statutes 431:19-101
• Sponsored captive insurance company: means a captive insurance company:

  (1) In which the minimum required capital and surplus is provided by one or more sponsors;

  (2) That is formed or licensed under this article;

  (3) That insures the risks only of its participants through separate participant contracts; and

  (4) That may fund its liability to each participant through one or more protected cells. See Hawaii Revised Statutes 431:19-101

• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trustee: A person or institution holding and administering property in trust.