reglab/housing_qa huggingface dataset:
HI Rev Stat § 431:19-109 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:19-109 Grounds and procedures for suspension and revocation of certificate of authority; fines.

  §431:19-109 Grounds and procedures for suspension and revocation of certificate of authority; fines. (a) The commissioner may suspend or revoke the certificate of authority of a captive insurance company to do business in this State or impose a fine of not less than $100 nor more than $10,000 per violation, or any combination of these actions, for any of the following reasons:  (1) Insolvency or impairment of capital or surplus;  (2) Failure to meet the requirements of section 431:19-104;  (3) Refusal or failure to submit an annual report, as required by section 431:19-107 or any other report or statement required by law or by lawful order of the commissioner;  (4) Failure to comply with the provisions of its own organizational documents;  (5) Failure to submit to examination or any legal obligation relative thereto, as required by section 431:19-108;  (6) Refusal or failure to pay the cost of examination pursuant to section 431:19-108;  (7) Use of methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public or to its policyholders;  (8) Failure to maintain actuarially appropriate loss reserves as determined by the commissioner; provided that the commissioner shall issue at least one warning to the captive insurance company to correct the problem prior to suspending or revoking the certificate of authority; and  (9) Failure otherwise to comply with the laws of this State.  (b) If the commissioner takes action pursuant to subsection (a), the commissioner shall notify the captive insurance company in writing of the reason for that action. The captive insurance company may make written demand upon the commissioner within ten days of the date of receipt of the notice for a hearing before the commissioner to determine the reasonableness of the commissioner's action. The hearing shall be held within thirty days of receipt of the written demand and shall be held pursuant to chapter 91. [L 1987, c 347, pt of §2; am L 2003, c 209, §7; am L 2010, c 7, §2; am L 2012, c 253, §15]
HI Rev Stat § 431:19-110 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:19-110 Investments.

 §431:19-110 Investments.  (a) Except for risk retention captive insurance companies, captive insurance companies licensed under this article shall be allowed to maintain investments in accordance with a strategic investment policy adopted and monitored by the captive insurance company's governing body, and approved by the commissioner; provided that in addition to the minimum capital and surplus requirements prescribed in section 431:19-104(b), each captive insurance company with an approved strategic investment policy shall maintain investments in one or more of the following forms, which aggregate not less than one hundred per cent of reserves as required by this chapter or the commissioner:  (1) Cash;  (2) Irrevocable letter of credit issued by a bank chartered by this State or a member bank of the Federal Reserve System;  (3) Investments in accordance with a strategic investment policy adopted and monitored by the captive insurance company's governing body, and approved by the commissioner;  (4) Premiums in the course of collection; or  (5) Other forms approved by the commissioner.  (b) Each captive insurance company that does not maintain a strategic investment policy as described in subsection (a) and risk retention captive insurance companies shall be subject to the restrictions on allowable investments provided under sections 431:6-101 to 431:6-501; provided that the commissioner may approve other assets, investments, and investment provisions as the commissioner deems appropriate.  (c) The commissioner may require a captive insurance company to file a complete disclosure of the identity, background, and experience of the key individuals or staff that are involved with its investment activities and administration, if deemed necessary.  (d) Each captive insurance company shall maintain in its principal office in this State a written record documenting its investment transactions, as well as documents evidencing the authorization or approval of the investments by the captive insurance company's governing body or its designated representative.  (e) The commissioner may prohibit or limit any investments or investible assets if the captive insurance company is not in compliance with this article or applicable rules. [L 1987, c 347, pt of §2; am L 1988, c 187, §11; am L 2003, c 208, §1; am L 2007, c 232, §9; am L 2012, c 253, §16]
HI Rev Stat § 431:19-111 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:19-111 Reinsurance.

  §431:19-111 Reinsurance. (a) Any captive insurance company may provide reinsurance on risks ceded by any other insurer only upon approval of the reinsurance agreement by the commissioner.  (b) Any captive insurance company may take credit for reserves on risks ceded to a reinsurer; provided that no captive insurance company shall cede risks without the approval of the commissioner.  (c) In the case of a risk retention captive insurance company, a risk retention captive insurance company:  (1) Shall qualify for credit for reinsurance on risks ceded to a reinsurer if the reinsurer is in compliance with article 4A; or  (2) May qualify for credit for reinsurance on risks ceded to a reinsurer, if the reinsurer meets the reinsurance guidelines for risk retention captive insurance companies as adopted by the commissioner pursuant to chapter 91. [L 1987, c 347, pt of §2; am L 1988, c 187, §12; am L 2013, c 193, §1]
HI Rev Stat § 431:19-111.5 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:19-111.5 Class 5 companies.

  §431:19-111.5 Class 5 companies. (a) A class 5 company under this article is one that is not a class 1 company, class 2 company, class 3 company, or class 4 company, and acts only as a reinsurer or excess insurer, or both. Notwithstanding any other provision of this article, a class 5 company authorized under this article may reinsure or provide excess insurance, or both, for the risks and lines of insurance approved by the commissioner.  (b) Notwithstanding section 431:19-107(a), reserves for risks located outside of the United States reinsured or insured by a class 5 company, upon approval of the commissioner, may be determined in accordance with the required or approved reserve standards of the country in which the ceding insurer is domiciled or the excess insurance risks are located.  (c) Notwithstanding article 6 of this chapter and section 431:19-110, where the risks reinsured or insured by a class 5 company are located outside of the United States, the class 5 company, upon approval of the commissioner, may invest its funds in accordance with the laws and regulations applicable to insurers or reinsurers domiciled in the jurisdictions in which the risks are located, in proportion to the reserves held for the risks. [L 2000, c 36, §1; am L 2003, c 209, §8; am L 2012, c 253, §17]
HI Rev Stat § 431:19-112 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:19-112 Rating organizations; memberships.

  §431:19-112 Rating organizations; memberships. No captive insurance company shall be required to join a rating organization. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:19-113 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:19-113 Exemption from compulsory associations.

  §431:19-113 Exemption from compulsory associations. No captive insurance company shall be permitted to join or contribute financially to any plan, pool, association, or guaranty or insolvency fund in this State, except as provided under chapter 386, nor shall any captive insurance company, its insured, or its parent or any affiliated entity, or any member organization of its association, receive any benefit from any plan, pool, association, or guaranty or insolvency fund for claims arising out of the operations of the captive insurance company. [L 1987, c 347, pt of §2; am L 1991, c 79, §2; am L 2012, c 253, §18]
HI Rev Stat § 431:19-114 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:19-114 Rules.

  §431:19-114 Rules. The commissioner may adopt rules pursuant to chapter 91 to implement this article. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:19-115 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:19-115 Laws applicable.

  §431:19-115 Laws applicable. (a) No insurance laws of this State other than those contained in this article, article 15, or specifically referenced in this article shall apply to captive insurance companies; provided that:  (1) Sections 431:3-302 to 431:3-304.5, 431:3-307, 431:3-401 to 431:3-409, 431:3-411, 431:3-412, and 431:3-414; articles 1, 2, 4A, 5, 6, 9A, 9B, 9C, 11, 11A, and 3B; and chapter 431K shall apply to risk retention captive insurance companies; and  (2) Articles 1, 2, and 6 shall apply to class 5 companies.  (b) If any of the laws specified in this section are inconsistent with this article, this article shall apply unless the commissioner by rule or order determines otherwise on a case-by-case basis.  (c) The application of the foregoing provisions shall not diminish the commissioner's authority for exemption as may be contained therein or as may be deemed appropriate under the circumstances. [L 1987, c 347, pt of §2; am L 1994, c 190, § §5, 10; am L 1997, c 358, § §1, 2; am L 1998, c 150, §6; am L 1999, c 302, §7; am L 2000, c 36, §6 and c 133, §7; am L 2003, c 209, §9; am L 2012, c 253, §19; am L 2013, c 190, §5; am L 2016, c 140, §2; am L 2019, c 70, §24; am L 2021, c 112, §3]
HI Rev Stat § 431:19-115.5 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:19-115.5 Applicability of other laws to captive insurance companies writing motor vehicle insurance policies in this State.

  §431:19-115.5 Applicability of other laws to captive insurance companies writing motor vehicle insurance policies in this State. Captive insurance companies writing motor vehicle insurance policies in this State shall be subject to sections 431:10C-102, 431:10C-103, 431:10C-107, 431:10C-108, 431:10C-109, 431:10C-112, 431:10C-115, 431:10C-119, 431:10C-120, 431:10C-207, 431:10C-211, 431:10C-212, 431:10C-213, 431:10C-215, 431:10C-301, and 431:10C-303 through 431:10C-315. Captive insurance companies shall also be subject to the rules adopted by the commissioner to implement these sections. [L 1993, c 205, pt of §1; am L 1997, c 251, §56; am L 1999, c 163, §14]
HI Rev Stat § 431:19-115.6 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:19-115.6 Applicability of other laws to captive insurance companies writing credit life or other credit disability insurance policies.

  §431:19-115.6 Applicability of other laws to captive insurance companies writing credit life or other credit disability insurance policies. Captive insurance companies writing credit life or credit disability policies in this State shall be subject to sections 431:10B-101 through 431:10B-114. Captive insurance companies shall also be subject to the rules adopted, pursuant to chapter 91, by the commissioner to implement these sections. [L 1997, c 16, §1]
HI Rev Stat § 431:19-115.7 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:19-115.7 Applicability of other laws to captive insurance companies writing direct workers' compensation insurance policies.

  §431:19-115.7 Applicability of other laws to captive insurance companies writing direct workers' compensation insurance policies. Captive insurance companies writing direct workers' compensation insurance policies pursuant to chapter 386 may be subject to article 15 if the captive insurance company is deemed insolvent. [L 2012, c 253, §1]
HI Rev Stat § 431:19-116 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:19-116 Taxation.

  §431:19-116 Taxation. (a) Each captive insurance company licensed to do business in this State shall pay to the director of finance through the commissioner a tax on gross premiums on or before March 1 of each year, as follows:  (1) .25 per cent on $0 to $25,000,000 of gross premiums for insurance written on all risks or property resident, situated, or located within this State, and on risks and property situated elsewhere upon which no premium tax is otherwise paid during the year ending on the preceding December 31, less return premiums and less any reinsurance accepted;  (2) .15 per cent on more than $25,000,000, to $50,000,000 of gross premiums for insurance written on all risks or property resident, situated, or located within this State, and on risks and property situated elsewhere upon which no premium tax is otherwise paid during the year ending on the preceding December 31, less return premiums and less any reinsurance accepted;  (3) .05 per cent on more than $50,000,000, to $250,000,000 of gross premiums for insurance written on all risks or property resident, situated, or located within this State, and on risks and property situated elsewhere upon which no premium tax is otherwise paid during the year ending on the preceding December 31, less return premiums and less any reinsurance accepted; and  (4) 0.00 per cent on more than $250,000,000 of gross premiums for insurance written on all risks or property resident, situated, or located within this State, and on risks and property situated elsewhere upon which no premium tax is otherwise paid during the year ending on the preceding December 31, less return premiums and less any reinsurance accepted; provided that the annual maximum aggregate tax on gross premiums to be paid by a captive insurance company shall not exceed $200,000.  (b) The tax imposed by this section shall be in settlement of and in lieu of all demands for taxes of every character imposed by the laws of this State, the ordinances or other laws, or rules of any county of this State, except taxes on real property and taxes on the purchase, use, or ownership of tangible personal property. [L 1988, c 187, §2; am L 1993, c 205, §37; am L 1995, c 232, §3; am L 1999, c 302, §8; am L 2002, c 206, §2; am L 2007, c 224, §1]
HI Rev Stat § 431:19-201 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:19-201 Purpose.

  §431:19-201 Purpose. This part provides for the creation of special purpose financial captive insurance companies for the exclusive purpose of facilitating the securitization of one or more risks as a means of accessing alternative sources of capital and achieving the benefits of securitization. This part intends to allow the organizers of special purpose financial captive insurance companies to achieve greater efficiencies in structuring and executing insurance securitization, to diversify and broaden access to sources of capital, to facilitate access to insurance securitization and capital markets financing technology, and to further the economic development opportunities of the State. [L 2008, c 190, pt of §1]
HI Rev Stat § 431:19-202 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:19-202 Applicable law.

  §431:19-202 Applicable law. (a) A special purpose financial captive insurance company shall be subject to the provisions of this part and to part I. If there is any conflict between this part and part I, this part shall control.  (b) A special purpose financial captive insurance company shall be subject to all applicable rules adopted pursuant to section 431:19-114 that are in effect as of July 1, 2008 and that are adopted after July 1, 2008.  (c) The commissioner, by order, may exempt a special purpose financial captive insurance company from any provision of this article or from any rule adopted pursuant to section 431:19-114 if the commissioner determines the provision to be inappropriate, given the nature of risks to be insured by the special purpose financial captive insurance company or its approved plan of operation, and that the public interest is being served or protected, and that reasonable expectations of the policyholders and consumers will be maintained.  (d) Nothing in this part shall be construed to affect chapter 485A in any manner. [L 2008, c 190, pt of §1] Revision Note  "July 1, 2008" substituted for "the effective date of this part" pursuant to §23G-15.
HI Rev Stat § 431:19-205 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:19-205 Changes in plan of operation; voluntary dissolution or cessation of business.

  §431:19-205 Changes in plan of operation; voluntary dissolution or cessation of business. (a) Any change in the special purpose financial captive insurance company's plan of operation shall require the prior approval of the commissioner.  (b) Any transaction or series of transactions shall be subject to the prior approval of the commissioner if the transaction or series of transactions:  (1) Is undertaken to dissolve a special purpose financial captive insurance company; or  (2) Results in the termination of all or any part of a special purpose financial captive insurance company's business; provided that no prior approval of the commissioner shall be required for any transaction or series of transactions performed in accordance with a document, contract, or agreement described in the special purpose financial captive insurance company's plan of operation and if the commissioner is notified in advance of the transaction or series of transactions.  (c) A special purpose financial captive insurance company shall notify the commissioner in advance of any change in the legal ownership of any security issued by the special purpose financial captive insurance company. [L 2008, c 190, pt of §1]
HI Rev Stat § 431:19-206 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:19-206 Formation.

  §431:19-206 Formation. (a) A special purpose financial captive insurance company may be incorporated as a stock corporation, limited liability company, mutual association, partnership, or other form of organization approved by the commissioner.  (b) A special purpose financial captive insurance company's organizational documents shall limit the special purpose financial captive insurance company's authority to transact the business of insurance or reinsurance to those activities that the special purpose financial captive insurance company conducts to accomplish its purposes as expressed in this part. [L 2008, c 190, pt of §1]
HI Rev Stat § 431:19-207 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:19-207 Minimum capital and surplus.

  §431:19-207 Minimum capital and surplus. A special purpose financial captive insurance company shall not be issued a license unless it possesses and thereafter maintains unimpaired capital and surplus of not less than $250,000 in the form of cash or other assets approved by the commissioner. [L 2008, c 190, pt of §1]
HI Rev Stat § 431:19-208 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:19-208 Issuance of securities.

  §431:19-208 Issuance of securities. (a) A special purpose financial captive insurance company may issue securities, as defined in section 485A-102, subject to and in accordance with its approved plan of operation and its organizational documents.  (b) A special purpose financial captive insurance company, in connection with the issuance of securities, may enter into and perform all of its obligations under any required contracts to facilitate the issuance of these securities.  (c) A special purpose financial captive insurance company may:  (1) Subject to the approval of the commissioner, account for the proceeds of surplus notes as surplus; and  (2) Submit for prior approval of the commissioner, periodic written requests for payments of interest on and repayment of principal surplus notes, and any other debt obligations issued by the special purpose financial captive insurance company; provided that the commissioner may, in lieu of the approval of periodic written requests, approve a formula or plan that provides for the payment of interest, principal, or both.  (d) Securities issued by a special purpose financial captive insurance company pursuant to an insurance securitization shall not be considered to be insurance or reinsurance contracts. An investor in these securities or a holder of these securities, by sole means of this investment or holding, shall not be considered to be transacting the business of insurance in this State. The underwriter's placement or selling agents and their partners, directors, officers, members, managers, employees, agents, representatives, and advisors involved in an insurance securitization pursuant to this part shall not be considered to be insurance producers or brokers or conducting business as an insurance or reinsurance company or agency, brokerage, intermediary, advisory, or consulting business only by virtue of their activities in conjunction with the insurance securitization. [L 2008, c 190, pt of §1]
HI Rev Stat § 431:19-210 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:19-210 Disposition of assets; investments.

  §431:19-210 Disposition of assets; investments. (a) The assets of a special purpose financial captive insurance company shall be preserved and administered by or on behalf of the special purpose financial captive insurance company to satisfy the liabilities and obligations of the special purpose financial captive insurance company, the insurance securitization, and other related contracts and agreements.  (b) Unless waived by the commissioner, any security offering memorandum or other document issued to prospective investors regarding the offer and sale of a surplus note or other special purpose financial captive insurance company securities shall include a disclosure that all or part of the proceeds of the insurance securitization will be used to fund the special purpose financial captive insurance company's obligations to the counterparty.  (c) A special purpose financial captive insurance company shall not be subject to any restriction on investments; provided that the special purpose financial captive insurance company:  (1) Maintains compliance with the strategic investment policy adopted by the special purpose financial captive insurance company; and  (2) Shall not make a loan to any person other than as permitted under its plan of operation or as otherwise approved in advance by the commissioner; provided further that the commissioner may prohibit or limit any investment that threatens the solvency or liquidity of the special purpose financial captive insurance company unless the investment is otherwise approved in its plan of operation or in an order issued to the special purpose financial captive insurance company pursuant to section 431:19-202(c). [L 2008, c 190, pt of §1]