reglab/housing_qa huggingface dataset:
HI Rev Stat § 431:20-110 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:20-110 Purchase of materials and plant; valuation.

  §431:20-110 Purchase of materials and plant; valuation. Any domestic title insurer, after having its required capital paid in and depositing its required guarantee fund with the commissioner, may invest its funds in the preparation and purchase of materials and plant necessary to enable it to engage in the title insurance business. In all statements and proceedings required by law for the ascertainment and determination of the condition of such insurer, the materials and plant shall be treated in one of the following ways:  (1) They may be treated as an asset, valued at actual cost to the insurer not to exceed fifty per cent of the aggregate par value of the shares of the insurer's capital stock then issued, outstanding, and apportioned to its title insurance department, including treasury shares.  (2) They may be treated as an asset, at such lesser value than that permitted by item (1) as the insurer estimates.  (3) They may be omitted entirely from the statement or proceeding. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:20-110.5 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:20-110.5 Dividends.

  §431:20-110.5 Dividends. A title insurer shall not pay any dividends except from profits remaining on hand after retaining unimpaired assets aggregating in value an amount equal to the sum of the following:  (1) The aggregate par value of the shares of its capital stock, issued and outstanding, including treasury shares;  (2) The amount set apart as the title insurance reinsurance reserve; and  (3) A sum sufficient to pay all liabilities for expenses and taxes, all losses reported or in course of settlement, and all other indebtedness, without impairment of the amount required to be set apart as the title insurance reinsurance reserve. [L 1989, c 195, §8]
HI Rev Stat § 431:20-111 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:20-111 Loans to officers, etc.

  §431:20-111 Loans to officers, etc. A title insurer shall not directly or indirectly make a loan from its assets to any of its officers, employees, or directors, or to any member of the family of any officer or director. Any officer, director, agent, or employee of any such insurer who knowingly consents to any violation of this section is guilty of a misdemeanor. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:20-112 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:20-112 Limit of risk.

  §431:20-112 Limit of risk. No insurer transacting title insurance in this State shall expose itself to any one risk in an amount exceeding fifty per cent of the aggregate amount of its total capital and surplus and its reserves other than its loss or claim reserves. As used in this section, the words "any one risk" mean the risk or hazard attaching to or arising in connection with any one piece or parcel of property, whether or not the policy insures other property. Any risk or portion of any risk which has been reinsured as authorized in this part shall be deducted in determining the limitation of risk prescribed in this section. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:20-113 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:20-113 Underwriting standards and record retention.

  §431:20-113 Underwriting standards and record retention. (a) No title insurance policy may be written unless and until the title insurer has caused to be conducted a reasonable search and examination of the title, and has caused to be made a determination of insurability of title in accordance with sound underwriting practices. Evidence of the examination of title and determination of insurability shall be preserved and retained in the files of the title insurer for a period of not less than fifteen years after the title insurance policy has been issued. Instead of retaining the original evidence, the title insurer may, in the regular course of business, establish a system whereby all or part of the evidence is recorded, copied or reproduced by any process that accurately and legibly reproduces or forms a durable medium for reproducing the contents of the original. This subsection shall not apply to:  (1) A title insurer assuming liability through a contract of reinsurance; or  (2) A title insurer acting as co-insurer if one of the other co-insuring title insurers has complied with this section.  (b) Except as allowed by regulations promulgated by the commissioner, no title insurer shall knowingly issue any title insurance policy or commitment to insure without showing all outstanding, enforceable recorded liens or other interests against the property title to which is to be insured. [L 1987, c 347, pt of §2] Case Notes  Section mandates that title policies be issued based on title search results, not on indemnification of title insurer. 74 H. 85, 839 P.2d 10 (1992).
HI Rev Stat § 431:20-114 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:20-114 Reinsurance reserve.

  §431:20-114 Reinsurance reserve. (a) A domestic title insurer shall establish and maintain a reinsurance reserve computed in accordance with this section, and all sums attributed to the reserve shall at all times and for all purposes be considered and constitute unearned portions of the original premiums. This reserve shall be reported as a liability of the title insurer in its financial statements.  (b) The reinsurance reserve shall be maintained by the title insurer for the protection of holders of title insurance policies. Except as provided in this section, assets equal in value to the reinsurance reserve are not subject to distribution among creditors or stockholders of the title insurer until all claims of policyholders or claims under reinsurance contracts have been paid in full, and all liability on the policies or reinsurance contracts has been paid in full and discharged or lawfully reinsured.  (c) A foreign or alien title insurance company licensed to transact title insurance business in this State shall maintain at least the same reserves on title insurance policies issued on properties located in this State as are required of domestic title insurance companies, unless the laws of jurisdiction of domicile of the foreign or alien title insurance company require a higher amount.  (d) The reinsurance reserve shall consist of:  (1) The amount of this surplus fund on July 1, 1988; and  (2) A sum equal to twenty cents for each $1,000 of net retained liability under each title insurance policy on a single risk written on properties located in this State written after July 1, 1988.  (e) Amounts placed in the reinsurance reserve in any year in accordance with subsection (d)(2) shall be deducted in determining the net profit of the title insurer for that year.  (f) A title insurer shall release from the reinsurance reserve a sum equal to ten per cent of the amount added to the reserve during a calendar year on July 1 of each of the five years following the year in which the sum was added, and shall release from the reinsurance reserve a sum equal to three and one-third per cent of the amount added to the reserve during that year on each succeeding July 1 until the entire amount for that year has been released. The amount of the reinsurance reserve or similar unearned premium reserve maintained before July 1, 1988, shall be released in accordance with the law in effect before July 1, 1988. [L 1987, c 347, pt of §2 as superseded by c 348, §23] Revision Note  "July 1, 1988" substituted for "the effective date of this code" or "Act" pursuant to §23G-15.
HI Rev Stat § 431:20-115 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:20-115 Use of reinsurance reserve on liquidation, dissolution or insolvency.

  §431:20-115 Use of reinsurance reserve on liquidation, dissolution or insolvency. (a) If a domestic title insurer becomes insolvent, is in the process of liquidation or dissolution, or is in the possession of the commissioner:  (1) The amount of the reinsurance reserve then remaining may be used by or with the written approval of the commissioner to pay for reinsurance of the liability of the title insurer upon all outstanding title insurance policies or reinsurance agreements to the extent for which claims for losses by the holders thereof are not then pending. The balance of the assets, if any, equal to the reinsurance reserve may be transferred to the general assets of the title insurer; and  (2) The assets net of the reinsurance reserve shall be available to pay claims for losses sustained by holders of title insurance policies then pending or arising up to the time reinsurance is effected. If claims for losses exceed any other assets of the title insurer, the claims, when established, shall be paid pro rata out of the surplus assets attributable to the reinsurance reserve, to the extent of the surplus, if any.  (b) If reinsurance is not obtained, assets equal to the reinsurance reserve and assets constituting minimum capital, or so much as remains thereof after outstanding claims have been paid, shall constitute a trust fund to be held and invested by the commissioner for twenty years, out of which claims of policyholders shall be paid as they arise. The balance, if any, of the trust fund, at the expiration of twenty years, shall revert to the general assets of the title insurer. [L 1987, c 347, pt of §2 as superseded by c 349, §13]
HI Rev Stat § 431:20-116 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:20-116 Loss and loss expense reserve.

  §431:20-116 Loss and loss expense reserve. (a) All title insurers licensed in this State shall establish and maintain reserves against unpaid losses and loss expenses.  (b) Upon receiving notice from or on behalf of the insured of a title defect in, or lien or adverse claim against, the title of the insured that may result in a loss or cause expense to be incurred in the proper disposition of the claim, the title insurer shall determine the amount to be added to the reserve, which amount shall reflect a careful estimate of the loss or loss expense likely to result by reason of the claim.  (c) Reserves required under this section may be revised from time to time and shall be redetermined at least once each year. [L 1987, c 348, §24]
HI Rev Stat § 431:20-117 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:20-117 Reinsurance.

  §431:20-117 Reinsurance. (a) A title insurer may obtain reinsurance for all or any part of its liability under one or more of its title insurance policies or reinsurance agreements, and may also reinsure title insurance policies issued by other title insurers on risks located in this State or elsewhere. Reinsurance on policies issued on properties located in this State must be obtained from title insurers authorized to transact title insurance business in this State.  (b) Upon application by a title insurer, the commissioner may permit the insurer to obtain reinsurance from an unauthorized title insurer upon the following conditions:  (1) The title insurer is unable to obtain reinsurance from a title insurer authorized to transact title insurance business in this State; and  (2) The capital and surplus of the unauthorized title insurer meets the requirements for authorized companies under section 431:20-107. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:20-118 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:20-118 Prohibition on rebates and inducements.

  §431:20-118 Prohibition on rebates and inducements. (a) No title insurer, controlled escrow company, or underwritten title company shall:  (1) Pay to the insured or to any other person any commission, any part of its premiums, fees or other charges; or any other consideration as inducement or compensation for the referral of title business, for performance of any escrow, or other service in connection with which a title policy is issued;  (2) Make any rebate of any portion of the fee or charge shown by the schedule required in section 431:20-120. For purposes of this article, the amount by which any fee or charge is less than that called for by the then currently effective schedule of fees and charges of the title insurer is an unlawful rebate; or  (3) Quote any fee or make any charge for a title policy to any person that is less than that currently available to others for the same type of title policy in a like amount covering property in the same county and involving the same factors as set forth in its then currently effective schedule of fees and charges. Nothing in this article shall prohibit bulk rates or special rates for customers of prescribed classes if the bulk or special rates are provided for in the schedule.  (b) No title insurer shall issue any title policy in any transaction in connection with which it or any person, who is a controlled escrow company or underwritten title company by reason of its relationship with such title insurer, has paid or contemplates paying any commission in violation of subsection (a)(1) or, in connection with which it or any such controlled escrow company or underwritten title company, has made or contemplates making any unlawful rebate in violation of subsection (a)(2).  (c) No insured named in a title insurance policy nor any other person may knowingly receive or accept, directly or indirectly, any commission, rebate or inducement referred to in subsection (a).  (d) Nothing in this section shall be construed as prohibiting reasonable payments, other than for the referral of title insurance business, for services actually rendered to a title insurer in connection with title insurance business. [L 1987, c 347, pt of §2; am L 2004, c 122, §78]
HI Rev Stat § 431:20-119 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:20-119 Division of fees.

  §431:20-119 Division of fees. Nothing in this article shall prohibit the division of fees or charges between two or more title insurers or between one or more title insurers and one or more underwritten title companies, if such division does not constitute an unlawful rebate or inducement, or payment of a finder's fee; provided that a title insurer shall specify on any title policy issued by it, either in a single amount or by itemization, the entire charge made to obtain such title policy, including the charges made by any underwritten title company for the title search, title examination, certificate, or abstract of title upon the basis of which the title policy is issued. If so specified in a single amount, the charge shall be clearly described as the total charge for both the title insurance fee and the search, certificate, chain or abstract title, lien search, or any continuation of any of the above, as the case may be, of any underwritten title company. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:20-120 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:20-120 Schedules of premiums and charges.

  §431:20-120 Schedules of premiums and charges. (a) Every title insurer shall adopt, print, and make available to the public schedules of its currently effective premiums and charges.  (b) The schedules shall:  (1) Be printed in type not smaller than ten point;  (2) Be dated to show the date the premiums and charges become effective;  (3) Be kept available to the public and prominently displayed in a public place in each of the offices of the insurer, the controlled escrow company, and the underwritten title company in the particular county to which they relate;  (4) Set forth the total premium and charge for each type of title insurance policy or service issued or provided by the title insurer in the given amount of coverage, by a statement of the charge per unit of the amount of coverage, or a combination of the two; and  (5) Include the charge made by any underwritten title company for the search, certificate, chain or abstract of title, lien search, or any continuation of any of the above, upon the basis of which such title policy is issued.  (c) The schedule may:  (1) Include a statement that additional charges are made when unusual conditions of title are encountered or when special or unusual risks are insured against and that additional charges are made for special services rendered in connection with the issuance of a title policy; and  (2) Provide different fees or charges for title policies covering property in different counties or separate schedules may be adopted for title policies covering property in different counties.  (d) All or any part of any schedule may be changed or amended at any time or from time to time. Each change or amendment shall be printed and dated to show the effective date of the change or amendment. No change or amendment shall become effective until at least five days after it has been displayed in the offices of the title insurer in the same manner as provided for the display of schedules. No change or amendment increasing fees or charges shall apply to title policies ordered prior to the effective date of such change or amendment.  (e) Each title insurer, controlled escrow company, and underwritten title company shall keep a complete file of its schedules of premiums and charges and of all changes and amendments thereto until at least five years after they shall have ceased to be in effect, and such file shall be available for inspection by the commissioner. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:20-121 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:20-121 Contract forms, filing, disapproval.

  §431:20-121 Contract forms, filing, disapproval. (a) Every title insurer shall at least thirty days before use, file with the commissioner every form of insurance contract which it proposes to issue as to risks located in this State, together with the forms of all printed endorsements or other modifications of such contracts proposed to be used. Each filing shall be accompanied by a $20 fee payable to the commissioner, which fee shall be deposited in the commissioner's education and training fund.  (b) The commissioner may disapprove any such form if it:  (1) Is in violation of law;  (2) Contains inconsistent, ambiguous or misleading clauses, or exceptions and conditions which deceptively affect the risk purported to be assumed in the general coverage of the contract;  (3) Has any title, heading or other indication of its provisions which is misleading; or  (4) Is printed or otherwise reproduced in such manner as to render any material provision of the form substantially illegible.  (c) The commissioner shall not disapprove any such form after expiration of the initial thirty-day advance filing period except after a hearing thereon held in accordance with chapter 91.  (d) A title insurer shall not use in this State any form while it is so disapproved by the commissioner. [L 1987, c 347, pt of §2; am L 1988, c 363, §2(5)] Cross References  Commissioner's education and training fund, see §431:2-214.
HI Rev Stat § 431:20-122 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:20-122 Annual statement.

  §431:20-122 Annual statement. Every title insurer shall include in its annual statement furnished to the commissioner pursuant to section 431:20-103(4), the name of each person in this State which is a controlled escrow company or underwritten title company by reason of its relationship with such title insurer. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:20-123 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:20-123 Remedies.

  §431:20-123 Remedies. In enforcing this article, the commissioner shall be entitled to the remedies provided for in section 431:20-103(2), (3), and (4). [L 1987, c 347, pt of §2; am L 2004, c 122, §79]
HI Rev Stat § 431:20-124 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:20-124 Additional penalty.

  §431:20-124 Additional penalty. Every title insurer, controlled escrow company, and underwritten title company who pays any commission or who makes any unlawful rebate in violation of this article shall be liable to this State for five times the amount of any such commission or unlawful rebate, the amount thereof to be recovered by the commissioner as a general realization of this State, in addition to any other penalty imposed by law. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:20-125 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:20-125 Revocation or suspension of title insurer's certificate of authority.

  §431:20-125 Revocation or suspension of title insurer's certificate of authority. (a) The commissioner may after a hearing suspend or revoke the certificate of authority of any title insurer which:  (1) After ten days' written notice from the commissioner requiring it so to do, fails to print, display, and make available to the public its schedule of fees and charges in the manner provided in section 431:20-120.  (2) After ten days' written notice from the commissioner requiring it to cease and desist, continues to pay any commission or to make any rebate in wilful violation of section 431:20-118.  (b) The hearings shall be conducted in accordance with section 431:20-103(3) and the commissioner shall have all the powers granted therein. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:21-101 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:21-101 Purpose.

Cross References Hawaii hurricane relief fund, see chapter 431P.  §431:21-101 Purpose. The purpose of this article is to establish the Hawaii Property Insurance Association to:  (1) Assure stability in the property insurance market for property located in the State;  (2) Assure the availability of basic property insurance as defined by this article; and  (3) Provide for the equitable distribution among member insurers of the responsibility for insuring qualified property for which basic property insurance cannot be obtained through the authorized insurers. [L 1991, c 284, pt of §2]
HI Rev Stat § 431:21-102 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:21-102 Definitions.

  §431:21-102 Definitions. As used in the article:  "Association" means the Hawaii Property Insurance Association created under section 431:21-103.  "Basic property insurance" means insurance against direct loss to real or tangible personal property from perils insured under the standard fire policy and extended coverage endorsement.  "Member insurer" means any person who is authorized to transact property or casualty insurance in this State and is not engaged only in writing motor vehicle insurance under section 431:10C-106.  "Net direct written premiums" means the premiums taxable pursuant to section 431:7-202(a) for policies of property and casualty insurance. [L 1991, c 284, pt of §2]
HI Rev Stat § 431:21-103 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:21-103 Creation of association.

  §431:21-103 Creation of association. (a) There is created a nonprofit unincorporated legal entity to be known as the Hawaii Property Insurance Association. All insurers included in the definition of member insurer in section 431:21-102 shall be and remain members of the association as a condition of their authority to transact the business of insurance in this State. The association shall perform its functions under a plan of operation established and approved under section 431:21-106 and shall exercise its powers through a board of directors established under section 431:21-104.  (b) Each member insurer shall participate in the writings, expenses, profits, and losses of the association in the proportion that its net direct written premiums during the preceding calendar year bear to the net direct written premiums for all member insurers for the preceding calendar year. [L 1991, c 284, pt of §2; am L 1992, c 143, §2]