(a) A member insurer may offset against its premium tax liability (or liabilities) to this State an assessment described in section 431:16-209(h) to the extent of twenty per cent of the amount of such assessment for each of the five calendar years following the year in which such assessment was paid. In the event a member insurer should cease doing business, all uncredited assessments may be credited against its premium tax liability (or liabilities) for the year it ceases doing business.
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Terms Used In Hawaii Revised Statutes 431:16-213

  • Association: means the Hawaii life and disability insurance guaranty association created under § 431:16-206. See Hawaii Revised Statutes 431:16-205
  • Member insurer: means any insurer licensed or who holds a certificate of authority to transact in this State any kind of insurance for which coverage is provided under § 431:16-203, and includes any insurer whose license or certificate of authority in this State may have been suspended, revoked, not renewed, or voluntarily withdrawn, but does not include:

    (1) A nonprofit hospital or medical service organization;

    (2) A health maintenance organization;

    (3) A fraternal benefit society;

    (4) A mandatory state pooling plan;

    (5) A mutual assessment company or any entity that operates on an assessment basis;

    (6) An insurance exchange;

    (7) An organization that has a certificate or license limited to the issuance of charitable gift annuities; or

    (8) Any entity similar to any of the above. See Hawaii Revised Statutes 431:16-205

  • State: means a state, the District of Columbia, Puerto Rico, or a United States possession, territory, or protectorate. See Hawaii Revised Statutes 431:16-205
(b) Any sums which are acquired by refund, pursuant to section 431:16-209(f), from the association by member insurers, and which have theretofore been offset against premium taxes as provided in subsection (a) shall be paid by the association to the commissioner and by the commissioner deposited with the state director of finance for credit to the general fund of this State.

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