(a) Any foreign or alien captive insurance company may become a domestic captive insurance company by meeting the following requirements:

lawyer at desk

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Hawaii Revised Statutes 431:19-102.3

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Governing body: means the board of directors, subscriber's advisory committee, membership, or other entity responsible for the governance of a captive insurance company. See Hawaii Revised Statutes 431:19-101
  • 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.
  • Oath: A promise to tell the truth.
  • oath: includes a solemn affirmation. See Hawaii Revised Statutes 1-21
  • Organizational document: means a captive insurance company's articles of association, articles of incorporation, articles of organization, subscribers' agreement, bylaws, operating agreement, or any other document that establishes the captive insurance company as a legal entity or prescribes its existence. See Hawaii Revised Statutes 431:19-101
(1) Complying with all of the requirements relating to the organization and licensing of a domestic captive insurance company of the same type, and any requirements that the commissioner may adopt by rule;
(2) Amending and restating its organizational documents in compliance with the laws of this State, and submitting the amended and restated organizational documents for the commissioner’s review; and
(3) Petitioning the commissioner to issue a certificate of general good, which sets forth the commissioner’s finding that the redomestication and maintenance of the company will promote the general good of the State. In arriving at the finding, the commissioner shall consider the factors set forth in section 431:19-106(b). The petition shall include a nonrefundable application fee.
(b) Upon issuance of the certificate of general good by the commissioner pursuant to subsection (a)(3), the foreign or alien captive insurance company shall file the following with the department of commerce and consumer affairs:

(1) Articles of redomestication, which shall include:

(A) Name of the company;
(B) Date and location of incorporation or organization;
(C) Street address of the principal office in this State;
(D) Names and titles of the:

(i) Officers and directors of the company; or
(ii) Members of the governing body;
(E) A statement that the company is moving its domicile to this State;
(F) A statement that redomestication will occur upon filing the articles of redomestication and that the company shall be subject to the laws of this State; and
(G) A statement that copies of the articles of incorporation or other organizational document and any amendments certified by the proper officer of the jurisdiction under the laws of which the company is incorporated or organized are attached; provided that if any of these documents are in a foreign language, a translation under oath of the translator shall accompany these documents;
(2) Certificate of general good issued pursuant to subsection (a)(3);
(3) Certificate of good standing or comparable documentation certified by the proper officer of the jurisdiction under which the foreign or alien captive insurance company is incorporated or organized; provided that:

(A) The certificate or documentation shall be dated not earlier than thirty days prior to the date of the certificate of general good; and
(B) If the certificate of good standing or documentation is in a foreign language, a translation under oath of the translator shall accompany the certificate or documentation; and
(4) The company’s organizational documents, which shall be amended and restated in compliance with the laws of this State.
(c) Upon payment of the license fee and annual renewal fees, the domestic captive insurance company shall be entitled to the necessary or appropriate certificates and licenses to do business in this State and shall be subject to the authority and jurisdiction of this State. No captive insurance company redomesticating into this State need merge, consolidate, transfer assets, or otherwise engage in any other reorganization, other than as specified in this section.
(d) Upon redomestication in accordance with this section, the foreign or alien captive insurance company shall become a domestic captive insurance company organized under the laws of this State and shall have all the rights, privileges, immunities, and powers and be subject to all applicable laws, duties, and liabilities of a domestic captive insurance company of the same type. The domestic captive insurance company shall possess all rights that it had prior to the redomestication to the extent permitted by the laws of this State and shall be responsible and liable for all the liabilities and obligations that it was subject to prior to the redomestication. All outstanding policies of the captive insurance company shall remain in full force and effect.

  Previous
Next  
 Part I Contents