(a) When applying for a certificate of authority, the original subscribers and the proposed attorney shall fulfill the requirements of § 431:3-212, and execute and file with the commissioner a declaration setting forth:

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Terms Used In Hawaii Revised Statutes 431:4-409

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
(1) The name of the insurer, in compliance with section 431:3-202(b) and section 431:4-104(d)(1);
(2) The location of the insurer’s principal office, which shall be the same as that of the attorney;
(3) The classes of insurance proposed to be transacted;
(4) The names and addresses of the original subscribers;
(5) The designation and appointment of the proposed attorney and a copy of the power of attorney;
(6) The names and addresses of the officers and directors of the attorney if a corporation, or of its members if a partnership;
(7) The powers of the subscribers’ advisory committee and the names and terms of office of the members thereof;
(8) That all moneys paid to the reciprocal, after deducting therefrom any sum payable to the attorney, shall be held by the attorney-in-fact in the name of the reciprocal insurer for the purposes specified in the subscribers’ agreement;
(9) A copy of the subscribers’ agreement;
(10) A statement that each of the original subscribers has in good faith applied for insurance of the class proposed to be transacted, and that the insurer has received from each such subscriber the full premium or premium deposit required for the policy applied for, for a term of not less than twelve months at the rate theretofore filed with and approved by the commissioner;
(11) A statement of the financial condition of the insurer, and a schedule of its assets; and
(12) A copy of each policy, endorsement, and application form it then proposes to issue or use.
(b) Such declaration shall be acknowledged by each subscriber and by the attorney before any officer authorized to take acknowledgements of deeds.

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