(a) The commissioner shall revoke the authority of a domestic mutual insurer to extinguish the contingent liability of its members if:

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Terms Used In Hawaii Revised Statutes 431:4-323

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(1) At any time the insurer’s assets are less than the sum of its liabilities and the surplus required for such authority, or
(2) The insurer, by resolution of its directors approved by its members, requests that the authority be revoked.
(b) Upon revocation of such authority for any cause, the insurer shall not thereafter issue any policies without contingent liability, nor renew any policies then in force without written endorsement thereon providing for contingent liability.

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