(a) No insurance laws of this State other than those contained in this article, article 15, or specifically referenced in this article shall apply to captive insurance companies; provided that:

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Terms Used In Hawaii Revised Statutes 431:19-115

  • 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

(1) Sections Association of Insurance Commissioners” class=”unlinked-ref” datatype=”S” sessionyear=”2022″ statecd=”HI”>431:3-302 to 431:3-304.5, 431:3-307, 431:3-401 to 431:3-409, 431:3-411, 431:3-412, and 431:3-414; articles 1, 2, 4A, 5, 6, 9A, 9B, 9C, 11, 11A, and 3B; and chapter 431K shall apply to risk retention captive insurance companies; and
(2) Articles 1, 2, and 6 shall apply to class 5 companies.
(b) If any of the laws specified in this section are inconsistent with this article, this article shall apply unless the commissioner by rule or order determines otherwise on a case-by-case basis.
(c) The application of the foregoing provisions shall not diminish the commissioner’s authority for exemption as may be contained therein or as may be deemed appropriate under the circumstances.

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