Hawaii Revised Statutes 431:9A-176 – Application for license and fees

(a) A sworn application for a license under this part shall be filed with the commissioner on forms prescribed and furnished by the commissioner.

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Terms Used In Hawaii Revised Statutes 431:9A-176

Class: means the general categories of insurance, as set forth in §§ 431:1-204 to 431:1-210, in which insurers may be authorized to transact the business of insurance. See Hawaii Revised Statutes 431:9A-102
Commissioner: means the insurance commissioner. See Hawaii Revised Statutes 431:9A-102
License: means a document issued by the commissioner authorizing a person to act as an insurance producer for the lines of authority specified in the document. See Hawaii Revised Statutes 431:9A-102
producer: means a person required to be licensed under the laws of this State to sell, solicit, or negotiate insurance. See Hawaii Revised Statutes 431:9A-102

(b) The application for a license shall provide the following:

(1) Name, residence address, electronic-mail address, and other information required by the commissioner for an employee or officer of the owner or supervising entity that is designated by the applicant as the person responsible for the owner’s compliance with the requirements of this part; provided that, if the owner derives more than fifty per cent of its revenue from the sale of stored property insurance, the information in this paragraph shall be provided for all officers, directors, and shareholders of record having beneficial ownership of ten per cent or more of any class of securities registered under the federal securities law; and

(2) Location of the applicant’s home office.

(c) Any owner engaging in stored property insurance transactions on or before January 1, 2020, shall apply for licensure within ninety days of the date the application is made available by the commissioner. Any applicant commencing operations after January 1, 2020, shall obtain a license prior to offering stored property insurance.

(d) Initial and renewed licenses issued pursuant to this part shall be valid for periods consistent with this article.

(e) Each owner licensed under this part shall pay to the commissioner the limited lines producer‘s fee pursuant to § 431:7-101.

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Hawaii Revised Statutes 431:9A-176 – Application for license and fees

Terms Used In Hawaii Revised Statutes 431:9A-176

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