Hawaii Revised Statutes 431:8-201 – Transacting insurance business without certificate of authority prohibited
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It shall be unlawful for any insurer to transact an insurance business in this State, as defined in § 431:1-215, without a certificate of authority; provided that this section shall not apply to:
Terms Used In Hawaii Revised Statutes 431:8-201
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Home state: means , with respect to an insured, the state in which an insured maintains the insured's principal place of business or, in the case of an individual, the state in which the individual maintains the individual's principal residence; provided that if one hundred per cent of the insured risk is located out of the state where the insured maintains the insured's principal place of business or the state where the individual maintains the principal residence, the home state shall be the state where the greatest percentage of the insured's taxable premium for that insurance contract is allocated. See Hawaii Revised Statutes 431:8-102
- Surplus lines insurance: means any property and casualty insurance on risks procured from or placed with an unauthorized insurer under the laws of the insured's home state. See Hawaii Revised Statutes 431:8-102