Hawaii Revised Statutes 431:19-309 – Existing licenses
Terms Used In Hawaii Revised Statutes 431:19-309
- 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
Except as otherwise determined by the commissioner, a captive insurance company that has been issued a certificate of authority by the commissioner pursuant to § 431:19-102 as of July 1, 2008, and is licensed as a class 4 company shall not be required to re-apply for a certificate of authority under this part, but shall otherwise be subject to this part as a sponsored captive insurance company; provided that the commissioner may by order require the captive insurance company to take any action that the commissioner determines is reasonably necessary to bring the captive insurance company into compliance with this part.