reglab/housing_qa huggingface dataset:
HI Rev Stat § 431:4-113 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-113 Organization solicitor's license.

  §431:4-113 Organization solicitor's license. Solicitation for sale of securities to members of the public under a solicitation permit shall be made only by individuals registered therefor pursuant to chapter 485A. [L 1987, c 347, pt of §2; am L 2006, c 229, §14]
HI Rev Stat § 431:4-114 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-114 Revocation of solicitation permit.

  §431:4-114 Revocation of solicitation permit. (a) The commissioner shall revoke a solicitation permit if requested in writing by:  (1) A majority of the incorporators and at least two-thirds of the subscribers to stock or applicants for insurance in the proposed incorporated insurer or corporation; or  (2) A majority of the subscribers of a proposed reciprocal insurer.  (b) The commissioner may, for cause, modify a solicitation permit, or may, after a hearing, revoke any solicitation permit for:  (1) Violation of this code;  (2) Violation of the terms of the permit;  (3) Violation of any proper order of the commissioner; or  (4) Misrepresentation. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:4-115 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-115 Escrow of funds.

  §431:4-115 Escrow of funds. (a) All funds received pursuant to a solicitation permit shall be deposited and held in escrow in a bank or trust company under an agreement approved by the commissioner. No part of any such deposit shall be withdrawn except:  (1) For the payment of promotion and organization expenses as authorized by the solicitation permit;  (2) For the purpose of making any deposit with the commissioner required for the issuance of a certificate of authority to an insurer;  (3) Upon completion of payments on stock subscriptions made under the solicitation permit and deposit or appropriation of such funds for the purposes specified in the solicitation permit, if the proposed organization is not to be an insurer; or  (4) For making of refunds as provided in section 431:4-119.  (b) When the commissioner has issued a certificate of authority to an insurer, any such funds remaining in escrow for its account shall be released to the insurer. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:4-116 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-116 Expense pending completion.

  §431:4-116 Expense pending completion.  (a)(1) The incorporators of any insurer shall be jointly and severally liable for its debts or liabilities until it has secured a certificate of authority.  (2) The incorporators of a corporation other than an insurer or the persons proposing to form a reciprocal insurer shall be jointly and severally liable for its debts or liabilities until it has completed its organization.  (b) Any portion of funds received on account of stock subscriptions which is allowed under the solicitation permit, may be applied concurrently toward the payment of promotion and organization expenses incurred. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:4-117 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-117 Issuance and forfeiture of securities.

  §431:4-117 Issuance and forfeiture of securities. (a) No proposed stock insurer or corporation shall issue any share of stock or participation agreement until:  (1) All subscriptions received under the solicitation permit have been fully paid in:  (A) Cash or securities eligible for investment of funds of insurers, or  (B) Other property after securing the written approval of the commissioner; and  (2) A certificate of authority has been issued to it, if an insurer.  (b) Every subscription contract to shares of a stock insurer or other corporation calling for payment in installments shall provide that such contracts, together with all amounts paid thereon, may be forfeited at the option of the corporation, upon failure to make good a delinquency in any installment upon not less than forty-five days notice in writing. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:4-118 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-118 Insurance application.

  §431:4-118 Insurance application. All applications for insurance obtained in forming a mutual or reciprocal insurer shall provide that:  (1) Issuance of the policy is contingent upon completion of organization of the insurer and issuance of a certificate of authority to it;  (2) The prepaid premium or deposit will be refunded in full to the applicant if the organization is not completed and the certificate of authority issued prior to the solicitation permit's date of expiration; and  (3) The agreement for insurance is not effective until a policy has been issued under it. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:4-119 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-119 Refund upon failure to complete or qualify or upon revocation of solicitation permit.

  §431:4-119 Refund upon failure to complete or qualify or upon revocation of solicitation permit. The commissioner shall withdraw all funds held in escrow and refund to subscribers or applicants all sums paid in on stock subscriptions, less that part of the sums paid in on subscriptions as has been allowed and used for promotion and organization expenses, and all sums paid in on insurance applications, and shall dissolve the proposed insurer or corporation if:  (1) The proposed insurer or corporation:  (A) Fails to complete its organization and obtain full payment for subscriptions and applications; and  (B) Fails to secure its certificate of authority before expiration of the solicitation permit, if an insurer; or  (2) The commissioner revokes the solicitation permit. [L 1987, c 347, pt of §2; am L 2019, c 111, §16]
HI Rev Stat § 431:4-120 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-120 Subsequent financing.

  §431:4-120 Subsequent financing. (a) No domestic insurer, insurance holding corporation, stock corporation for financing operations of a mutual insurer, or attorney-in-fact corporation of a reciprocal insurer shall solicit or receive funds in exchange for any new issue of its corporate securities, other than through a stock dividend, until it has applied to the commissioner for, and has been granted, a solicitation permit, after:  (1) It has received a certificate of authority, if an insurer, or  (2) It has completed its initial organization and financing, if a corporation other than an insurer.  (b) The commissioner shall issue a solicitation permit unless the commissioner finds that:  (1) The funds proposed to be secured are excessive in amount for the purpose intended,  (2) The proposed securities or the manner of their distribution are inequitable, or  (3) The issuance of the securities would jeopardize the interests of policyholders or the holders of other securities of the insurer or corporation.  (c) A solicitation permit shall contain such terms and be issued upon such conditions as the commissioner may reasonably specify or require, and shall expire when the new issue of corporate securities has been completed.  (d) A solicitation permit shall limit the portion of funds received on account of such new issue of corporate securities which may be used for promotion and sales expenses for the new issue to such amount as the commissioner deems adequate, but in no event to exceed fifteen per cent of such funds as and when actually received.  (e) For purposes of this section, insurance holding corporation means any domestic corporation:  (1) Which, directly or indirectly through one or more intermediaries, controls a domestic insurer; and  (2) In which the total assets of the insurer, as reported in its most recent annual statement filed with the commissioner pursuant to section 431:3-301, is twenty per cent or more of the consolidated total assets of the corporation as reported in its most recent annual report to its owners. The annual report to owners shall be prepared in accordance with generally accepted accounting principles by a certified public accountant. [L 1987, c 347, pt of §2; am L 1989, c 207, §3]
HI Rev Stat § 431:4-121 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-121 False exhibits.

  §431:4-121 False exhibits. Every person who, with intent to deceive knowingly exhibits any false account, document or advertisement, relative to the affairs of any insurer, or of any corporation of the kind enumerated in section 431:4-107, formed or proposed to be formed, is punishable in accordance with section 431:2-203. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:4-122 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-122 Depositaries.

  §431:4-122 Depositaries. The funds of a domestic insurer shall not be deposited in any bank or banking institution which has not first been approved as a depositary by the insurer's board of directors or by a committee designated for the purpose. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:4-123 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-123 Corrupt practices.

  §431:4-123 Corrupt practices. No person shall buy, sell or barter a vote or proxy, relative to any meeting of shareholders or members of an incorporated domestic insurer, or engage in any corrupt or dishonest practice in or relative to the conduct of any such meeting. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:4-124 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-124 Prohibited guaranty.

  §431:4-124 Prohibited guaranty. No domestic insurer or its affiliates or subsidiaries shall guarantee the financial obligation of any director or officer of such insurer or affiliate or subsidiary in the director's or officer's personal capacity, and any such guaranty attempted shall be void. This prohibition shall not apply to obligations of the insurer under surety bonds or insurance contracts issued in the regular course of business. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:4-125 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-125 Fees on use of funds.

  §431:4-125 Fees on use of funds. (a) No director, officer or employee having any authority in the investment or disposition of the funds of a domestic insurer shall accept, except on behalf of the insurer, or be the beneficiary of any fee, brokerage, gift, or other emolument because of any investment, loan, deposit, purchase, sale, payment, or exchange made by or for the insurer.  (b) The commissioner may adopt rules to define and permit additional exceptions to the prohibition in subsection (a), solely to enable payment of reasonable compensation to a director who is not otherwise an officer or employee of the insurer, for necessary services performed or sales or purchases made to or for the insurer in the ordinary course of the insurer's business and in the usual private professional or business capacity of such director. [L 1987, c 347, pt of §2; am L 2004, c 122, §14]
HI Rev Stat § 431:4-126 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-126 Comply with foreign laws.

  §431:4-126 Comply with foreign laws. Any domestic insurer doing business in a state, territory or sovereignty may design and issue insurance contracts and transact insurance in such state, territory or sovereignty as required or permitted by the laws thereof. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:4-127 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-127 Solicitation in other states.

  §431:4-127 Solicitation in other states. (a) No domestic insurer shall knowingly solicit insurance business in any reciprocating state in which it is not then licensed as an authorized insurer.  (b) A reciprocating state, as used herein, is one under the laws of which a similar prohibition is imposed upon and is enforced against insurers domiciled in that state.  (c) This section shall not prohibit:  (1) Advertising through publications and radio broadcasts originating outside the reciprocating state, if the insurer is licensed in a majority of the states in which such advertising is disseminated, and if the advertising is not specially directed to residents of the reciprocating state; and  (2) Insurance covering persons or risks located in a reciprocating state, under contracts solicited and issued in states in which the insurer is then licensed. Nor shall it prohibit insurance effectuated by the insurer as an unauthorized insurer in accordance with the laws of the reciprocating state. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:4-201 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-201 Other laws applicable.

  §431:4-201 Other laws applicable. Domestic stock insurers shall be subject to title 23 and any applicable general laws enacted pertaining to stock corporations except where inconsistent with the express provisions of this article. [L 1987, c 347, pt of §2; am L 1993, c 205, §9]
HI Rev Stat § 431:4-202 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-202 Increase of capital.

  §431:4-202 Increase of capital. (a) A domestic stock insurer may increase its capital stock by complying with section 414-281 and section 431:4-120. The increase in capital shall be effective upon the payment of the increased capital in full in cash.  (b) If the increased capital stock is to be distributed as stock dividend, the increased capital stock may be fully paid in out of any available surplus funds as is provided in section 431:4-204, and the payment shall be effected by a transfer on the insurer's books from its surplus account to its capital account. [L 1987, c 347, pt of §2; am L 1989, c 207, §4; am L 2002, c 40, §69]
HI Rev Stat § 431:4-203 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-203 Decrease of capital.

  §431:4-203 Decrease of capital. (a) A domestic stock insurer may decrease its capital stock by:  (1) Vote of not less than seventy-five per cent of the holders of the shares of stock outstanding and entitled to vote; and  (2) Filing a certificate executed in the same manner as provided in section 414-11, that such vote occurred, upon which filing the decrease in capital is effective.  (b) No such decrease shall be made which results in capital stock less in amount than the minimum required by this code for the classes of insurance thereafter to be transacted by the insurer.  (c) No surplus funds of the insurer resulting from a decrease of its capital stock shall be distributed to shareholders, except:  (1) As a stock dividend on a subsequent increase of capital stock;  (2) Upon dissolution of the insurer; or  (3) Upon approval of the commissioner, provided the commissioner has received satisfactory proof that the distribution will not impair the interests of policyholders or the solvency of the insurer.  (d) Upon a decrease of capital stock, the insurer's directors shall call in any outstanding stock certificates required to be changed pursuant thereto and shall issue proper certificates in their stead. [L 1987, c 347, pt of §2; am L 1989, c 195, §14; am L 2004, c 122, §15]
HI Rev Stat § 431:4-204 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-204 Dividends to stockholders.

  §431:4-204 Dividends to stockholders. (a) No domestic stock insurer shall pay any cash dividend to stockholders except out of that part of its available surplus funds which is derived from any realized net profits.  (b) Such an insurer may pay a stock dividend out of any available surplus funds.  (c) No dividend shall be declared or paid which would reduce the insurer's surplus to an amount less than the minimum required for the classes of insurance thereafter to be transacted.  (d) The commissioner may revoke the certificate of authority of any insurer violating this section. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:4-205 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-205 Illegal dividends; reductions.

  §431:4-205 Illegal dividends; reductions. Any director of a domestic stock insurer who votes for or concurs in the declaration or payment of any dividend to stockholders or a reduction of capital stock not authorized by law shall, in addition to any other liability imposed by law, be guilty of violation of this code. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:4-206 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-206 Repayment of contributed surplus.

  §431:4-206 Repayment of contributed surplus. Contributions to the surplus of a domestic stock insurer, other than resulting from sale of its capital stock, shall not be subject to repayment except out of surplus in excess of the minimum surplus initially required of such an insurer transacting like classes of insurance. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:4-207 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-207 Participating policies.

  §431:4-207 Participating policies. (a) Any domestic stock insurer may, if its charter so provides, issue policies entitled to participate from time to time in the earnings of the insurer through dividends.  (b) The directors of a stock insurer may from time to time apportion and pay to the holders of participating policies dividends only out of that part of its surplus which is in excess of its required capital and minimum surplus. The dividends may be paid or credited according to a reasonable classification of its policies. No dividend shall be paid which unfairly discriminates among policies within the same classification.  (c) No such insurer shall issue in this State both participating and nonparticipating policies for the same class of risks, unless the right or absence of right to participate is reasonably related to the premium charge or the special character of the risk assumed.  (d) Dividends to participating life insurance policies issued by the insurer shall be paid only out of its surplus funds as defined in section 431:4-101. Dividends to participating policies for other classes of insurance shall be paid only out of that part of the surplus funds which is derived from any realized net profits.  (e) No dividend, otherwise earned, shall be made contingent upon the payment of renewal premium on any policy. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:4-208 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-208 Statement by beneficial owner, director, officer.

  §431:4-208 Statement by beneficial owner, director, officer. Every person who is directly or indirectly the beneficial owner of more than ten per cent of any class of any equity security of a domestic stock insurance company, or who is a director or an officer of such company, shall file in the office of the commissioner within ten days after the person becomes such beneficial owner, director, or officer a statement, in such form as the commissioner may prescribe, of the amount of all equity securities of such company of which the person is the beneficial owner, and within ten days after the close of each calendar month, if there has been a change in such ownership during such month, shall file in the office of the commissioner a statement, in such form as the commissioner may prescribe, indicating the person's ownership at the close of the calendar month and such changes in the person's ownership as have occurred during the calendar month. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:4-209 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-209 Recovery of profits realized.

  §431:4-209 Recovery of profits realized. For the purpose of preventing the unfair use of information which may have been obtained by the beneficial owner, director, or officer by reason of the owner's, director's, or officer's relationship to the company, any profit realized by the owner, director, or officer from any purchase and sale, or any sale and purchase, of an equity security of the company within any period of less than six months, unless the security was acquired in good faith in connection with a debt previously contracted, shall inure to and be recoverable by the company, irrespective of any intention on the part of the beneficial owner, director or officer in entering into the transaction of holding the security purchased or of not repurchasing the security sold for a period exceeding six months. Suit to recover the profit may be instituted in any court of competent jurisdiction by the company, or by the owner of any security of the company in the name and in behalf of the company if the company fails or refuses to bring the suit within sixty days after request or fails diligently to prosecute the same thereafter; but no suit shall be brought more than two years after the date such profit was realized. This section shall not be construed to cover any transaction where the beneficial owner was not such both at the time of the purchase and sale, or the sale and purchase, of the security involved, or any transaction or transactions which the commissioner by rules and regulations may exempt as not comprehended within the purpose of this section. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:4-210 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-210 Unlawful sales of equity security.

  §431:4-210 Unlawful sales of equity security. It shall be unlawful for any beneficial owner, director, or officer, directly or indirectly, to sell any equity security of the company if the person selling the security or the person's principal:  (1) Does not own the security sold; or  (2) If owning the security, does not deliver it against the sale within twenty days thereafter, or does not within five days after the sale deposit it in the mails or other usual channels of transportation. No person shall be deemed to have violated this section if the person proves that notwithstanding the exercise of good faith the person was unable to make delivery or deposit within the required time, or that to do so would cause undue inconvenience or expense. [L 1987, c 347, pt of §2; am L 2018, c 18, §25]
HI Rev Stat § 431:4-211 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-211 Exempt transactions.

  §431:4-211 Exempt transactions. Section 431:4-209 shall not apply to any purchase and sale, or sale and purchase, and section 431:4-210 shall not apply to any sale, of an equity security of a domestic stock insurance company not then or theretofore held by the person in an investment account, by a dealer in the ordinary course of the dealer's business and incident to the establishment or maintenance by the dealer of a primary or secondary market (otherwise than on an exchange as defined in the Securities Exchange Act of 1934) for such security. The commissioner may, by such rules and regulations as the commissioner deems necessary or appropriate in the public interest, define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:4-212 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:4-212 Arbitrage transactions not affected.

  §431:4-212 Arbitrage transactions not affected. Section 431:4-208 to section 431:4-210 shall not apply to foreign or domestic arbitrage transactions unless made in contravention of such rules and regulations as the commissioner may adopt in order to carry out the purposes of section 431:4-208 to section 431:4-214. [L 1987, c 347, pt of §2]