Hawaii Revised Statutes 431:19-305 – Participants in sponsored captive insurance companies
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Terms Used In Hawaii Revised Statutes 431:19-305
- 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
- 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