reglab/housing_qa huggingface dataset:
HI Rev Stat § 431:10D-503 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:10D-503 Duties of producers.

  §431:10D-503 Duties of producers. (a) A producer who initiates an application shall submit to the insurer, with or as part of the application, a statement signed by both the applicant and the producer as to whether the applicant has existing policies or contracts. If the answer is "no", the producer's duties with respect to replacement are complete.  (b) If the applicant answered "yes" to the question regarding existing coverage referred to in subsection (a), the producer shall present and read to the applicant, not later than at the time of taking the application, a notice in a form approved by the commissioner. However, no approval shall be required when amendments to the notice are limited to the omission of references not applicable to the product being sold or replaced. The notice shall be signed by both the applicant and the producer attesting that the notice has been read aloud by the producer or that the applicant did not wish the notice to be read aloud (in which case the producer need not have read the notice aloud) and the notice was left with the applicant.  (c) The notice shall list all life insurance policies or annuities proposed to be replaced, properly identified by name of insurer, the insured or annuitant, and policy or contract number if available. The notice shall include a statement as to whether a policy or contract will be replaced or whether a policy will be used as a source of financing for the new policy or contract. If a policy or contract number has not been issued by the existing insurer, alternative identification, such as an application or receipt number, shall be listed.  (d) In connection with a replacement transaction the producer shall leave with the applicant at the time an application for a new policy or contract is completed the original or a copy of all sales material. With respect to electronically presented sales material, it shall be provided to the policy or contract owner in printed form no later than at the time of policy or contract delivery.  (e) Except as provided in section 431:10D-505(c), in connection with a replacement transaction, the producer shall submit to the insurer to which an application for a policy or contract is presented, a copy of each document required by this section, a statement identifying any preprinted or electronically presented company-approved sales materials used, and copies of any individualized sales materials, including any illustrations related to the specific contract or policy purchased. [L 2000, c 252, pt of §3; am L 2001, c 121, §2]
HI Rev Stat § 431:10D-506 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:10D-506 Duties of the existing insurer.

  §431:10D-506 Duties of the existing insurer. Where a replacement is involved in the transaction, the existing insurer shall:  (1) Retain and be able to produce all replacement notifications received, indexed by replacing insurer, for at least five years or until the conclusion of the next regular examination conducted by the insurance commissioner of its state of domicile, whichever is later;  (2) Send a letter to the policy or contract owner of the right to receive information regarding the existing policy or contract values including, if available, an in force illustration or policy summary if an in force illustration cannot be produced within five business days of receipt of a notice that an existing policy or contract is being replaced. The information shall be provided within five business days of receipt of the request from the policy or contract owner; and  (3) Upon receipt of a request to borrow, surrender, or withdraw any policy values, send a notice, advising the policy owner that the release of policy values may affect the guaranteed elements, non-guaranteed elements, face amount, or surrender value of the policy from which the values are released. The notice shall be sent separate from the check if the check is sent to anyone other than the policy owner. In the case of consecutive automatic premium loans, the insurer is only required to send the notice at the time of the first loan. [L 2000, c 252, pt of §3]
HI Rev Stat § 431:10D-507 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:10D-507 Duties of insurers with respect to direct-response solicitations. "NOTICE REGARDING REPLACEMENT

  §431:10D-507 Duties of insurers with respect to direct-response solicitations. (a) In the case of an application that is initiated as a result of a direct-response solicitation, the insurer shall require, with or as part of each completed application for a policy or contract, a statement asking whether the applicant, by applying for the proposed policy or contract, intends to replace, discontinue, or change an existing policy or contract. If the applicant indicates a replacement or change is not intended or if the applicant fails to respond to the statement, the insurer shall send the applicant, with the policy or contract, a notice in a form approved by the commissioner, which shall state the following: "NOTICE REGARDING REPLACEMENT REPLACING YOUR LIFE INSURANCE POLICY OR ANNUITY  Are you thinking about buying a new life insurance policy or annuity and discontinuing or changing an existing one? If you are, your decision could be a good one or a mistake. You will not know for sure unless you make a careful comparison of your existing benefits and the proposed policy or contract's benefits.  Make sure you understand the facts. You should ask the company or producer that sold you your existing policy or contract to give you information about it.  Hear both sides before you decide. This way you can be sure you are making a decision that is in your best interest."  (b) If the insurer has proposed the replacement or if the applicant indicates a replacement is intended and the insurer continues with the replacement, the insurer shall:  (1) Provide to applicants or prospective applicants with the policy or contract a notice, in a form similar to that required by section 431:10D-503(b). In these instances the insurer may delete the references to the producer, including the producer's signature, without having to obtain approval of the form from the commissioner. The insurer's obligation to obtain the applicant's signature shall be satisfied if it can demonstrate that it has made a diligent effort to secure a signed copy of the notice referred to in this paragraph. The requirement to make a diligent effort shall be deemed satisfied if the insurer includes in the mailing a self-addressed postage prepaid envelope with instructions for the return of the signed notice referred to in this section; and  (2) Comply with the requirements of section 431:10D-505(a)(2), if the applicant furnishes the names of the existing insurers, and the requirements of sections 431:10D-505(a)(3), 431:10D-505(a)(4), and 431:10D-505(b). [L 2000, c 252, pt of §3; am L 2003, c 212, §91]
HI Rev Stat § 431:10D-508 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:10D-508 Violations and penalties.

  §431:10D-508 Violations and penalties. (a) Any failure to comply with this part shall be considered a violation of article 13 of this chapter. Violations shall include but are not limited to:  (1) Any deceptive or misleading information set forth in sales material;  (2) Failing to ask the applicant in completing the application the pertinent questions regarding the possibility of financing or replacement;  (3) The intentional incorrect recording of an answer;  (4) Advising an applicant to respond negatively to any question regarding replacement to prevent notice to the existing insurer; or  (5) Advising a policy or contract owner to write directly to the company in such a way as to attempt to obscure the identity of the replacing producer or company.  (b) Policy and contract owners have the right to replace existing life insurance policies or annuity contracts after indicating in or as a part of applications for new coverage that replacement is not their intention; however, patterns of such action by policy or contract owners of the same producer shall be deemed prima facie evidence of the producer's knowledge that replacement was intended in connection with the identified transactions, and these patterns of action shall be deemed prima facie evidence of the producer's intent to violate this part.  (c) Where it is determined that the requirements of this part have not been met the replacing insurer shall provide to the policy owner an in force illustration if available or policy summary for the replacement policy or available disclosure document for the replacement contract and the appropriate notice regarding replacements required under this part.  (d) Violations of this part shall subject the violators to penalties that may include the revocation or suspension of a producer's or company's license, monetary fines and the forfeiture of any commissions or compensation paid to a producer as a result of the transaction in connection with which the violations occurred. In addition, where the commissioner has determined that the violations were material to the sale, the insurer may be required to make restitution, restore policy or contract values, and pay appropriate interest on the amount refunded in cash. [L 2000, c 252, pt of §3; am L 2003, c 212, §92]
HI Rev Stat § 431:10D-509 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:10D-509 Authority to adopt rules.

  §431:10D-509 Authority to adopt rules. The commissioner may adopt rules under chapter 91 implementing this part. [L 2000, c 252, pt of §3]
HI Rev Stat § 431:10D-510 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:10D-510 REPEALED.

  §431:10D-510 REPEALED. L 2000, c 282, §2. Cross References  Uniform electronic transactions act, see chapter 489E.
HI Rev Stat § 431:10D-601 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:10D-601 Definitions.

  §431:10D-601 Definitions. Whenever used in this part, unless a different meaning clearly appears from the context:  "Buyer's guide" means:  (1) A buyer's guide to fixed deferred annuities approved by the commissioner; or  (2) The National Association of Insurance Commissioners Buyer's Guide to Fixed Deferred Annuities.  "Contract owner" means the owner named in the annuity contract or certificate holder in the case of a group annuity contract.  "Determinable elements" means elements that are derived from processes or methods that are guaranteed at issue and not subject to company discretion but where the values or amounts cannot be determined until some point after issue. These elements include:  (1) Premiums;  (2) Credited interest rates, including any bonus;  (3) Benefits;  (4) Values;  (5) Non-interest-based credits;  (6) Charges; or  (7) Elements of formulas used to determine any of the above. These elements may be described as guaranteed but not determined at issue. An element is considered determinable if it was calculated from underlying determinable elements only, or from both determinable and guaranteed elements.  "Disclosure document" means a document provided by an insurer to applicants or prospective applicants for an annuity contract that explains the terms of the contract and contains the information required in section 431:10D-603(d).  "Funding agreement" means an agreement for an insurer to:  (1) Accept and accumulate funds; and  (2) Make one or more payments at future dates in amounts that are not based on mortality or morbidity contingencies.  "Generic name" means a short title descriptive of the annuity contract being applied for or illustrated, such as "single premium deferred annuity".  "Guaranteed elements" means:  (1) Premiums;  (2) Credited interest rates, including any bonus;  (3) Benefits;  (4) Values;  (5) Non-interest-based credits;  (6) Charges; or  (7) Elements of formulas used to determine any of the above, which are guaranteed and determined at issue. An element is considered guaranteed if all of the underlying elements used in its calculation are guaranteed.  "Non-guaranteed elements" means:  (1) Premiums;  (2) Credited interest rates, including any bonus;  (3) Benefits;  (4) Values;  (5) Non-interest-based credits;  (6) Charges; or  (7) Elements of formulas used to determine any of the above, which are subject to company discretion and are not guaranteed at issue. An element is considered non-guaranteed if any of the underlying non-guaranteed elements are used in its calculation.  "Structured settlement annuity" means:  (1) A "qualified funding asset" as defined in section 130(d) of the Internal Revenue Code; or  (2) An annuity that would be a "qualified funding asset" but for the fact that it is not owned by an assignee under a qualified assignment. [L 2006, c 71, pt of §1]
HI Rev Stat § 431:10D-602 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:10D-602 Applicability of standards for disclosure.

  §431:10D-602 Applicability of standards for disclosure. This part shall apply to all group and individual annuity contracts and certificates, except:  (1) Registered or non-registered variable annuities or other registered products;  (2) Immediate and deferred annuities that contain no non-guaranteed elements;  (3) Annuities used to fund:  (A) An employee pension plan that is covered by the Employee Retirement Income Security Act;  (B) A plan under section 401(a), 401(k), or 403(b) of the Internal Revenue Code, where the plan, for purposes of the Employee Retirement Income Security Act, is established or maintained by an employer;  (C) A governmental or church plan defined in section 414 of the Internal Revenue Code;  (D) A deferred compensation plan of a state or any of its political subdivisions under section 457 of the Internal Revenue Code;  (E) A tax-exempt organization under section 457 of the Internal Revenue Code; or  (F) A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor;  provided that this part shall apply to annuities used to fund a plan or arrangement that is funded solely by contributions that an employee elects to make on a pre-tax or after-tax basis, and where the insurance company has been notified that plan participants may choose from among two or more fixed annuity providers and there is a direct solicitation of an individual employee by a producer for the purchase of an annuity contract.  For the purposes of this paragraph, "direct solicitation" does not include any meeting held by a producer solely for the purpose of educating or enrolling employees in the plan or arrangement;  (4) Structured settlement annuities;  (5) Funding agreements; and  (6) Charitable gift annuities issued pursuant to paragraphs (1) to (4) of section 431:1-204(c). [L 2006, c 71, pt of §1] Revision Note  Subsection designation deleted pursuant to §23G-15.
HI Rev Stat § 431:10D-604 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:10D-604 Report to contract owners.

  §431:10D-604 Report to contract owners. For annuities in the payout period with changes in non-guaranteed elements, and for the accumulation period of a deferred annuity, the insurer shall at least annually provide each contract owner with a report of the status of the contract that contains at least the following information:  (1) The beginning and ending dates of the current report period;  (2) The accumulation and cash surrender value, if any, at the end of the previous report period and at the end of the current report period;  (3) The total amounts, if any, that have been credited, charged to the contract value, or paid during the current report period; and  (4) The amount of outstanding loans, if any, as of the end of the current report period. [L 2006, c 71, pt of §1] Revision Note  Subsection designation deleted pursuant to §23G-15.
HI Rev Stat § 431:10D-605 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:10D-605 Penalties.

  §431:10D-605 Penalties. In addition to any other penalties provided by law, violation of any requirement of this part is an unfair method of competition or unfair or deceptive act or practice under section 431:13-102. [L 2006, c 71, pt of §1]
HI Rev Stat § 431:10D-621 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:10D-621 Scope.

Cross References Variable contracts, see §431:10D-118. §431:10D-621 Scope. (a) This part applies to any recommendation to purchase, exchange, or replace an annuity made to a consumer by an insurance producer, or an insurer where no producer is involved, that results in the purchase, exchange, or replacement recommended.  (b) This part does not apply to transactions involving:  (1) Direct-response solicitations where there is no recommendation based on information collected from the consumer pursuant to this part; or  (2) Contracts used to fund:  (A) An employee pension or welfare benefit plan that is covered by the Employee Retirement and Income Security Act;  (B) A plan described by sections 401(a), 401(k), 403(b), 408(k), or 408(p) of the Internal Revenue Code of 1986, as amended, if established or maintained by an employer;  (C) A governmental plan or church plan defined in section 414 of the Internal Revenue Code of 1986, as amended, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax exempt organization subject to section 457 of the Internal Revenue Code of 1986, as amended;  (D) A non-qualified deferred compensation arrangement established or maintained by an employer or plan sponsor;  (E) Settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process; or  (F) Formal prepaid funeral contracts.  (c) Nothing in this part shall be construed to affect in any manner any provision of chapter 485A. [L 2007, c 257, pt of §2, § §4, 5, 9; am L 2011, c 108, §3]
HI Rev Stat § 431:10D-622 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:10D-622 Definitions.

 §431:10D-622 Definitions. For the purposes of this part:  "Annuity" means an annuity that is an insurance product under state law that is individually solicited, whether the product is classified as an individual or group annuity.  "Approved continuing education course provider" means an individual or entity that is approved to offer continuing education courses pursuant to article 9A.  "Continuing education credit" means one continuing education credit hour. For the purposes of this paragraph, "credit hour" has the same meaning as set forth in section 431:9A-102.  "Insurance producer" means a person required to be licensed under the laws of this State to sell, solicit, or negotiate insurance, including annuities.  "Insurer" means a company required to be licensed under the laws of this State to provide insurance products, including annuities.  "Recommendation" means advice provided by an insurance producer, or an insurer where no producer is involved, to an individual consumer that results in a purchase, exchange, or replacement of an annuity in accordance with that advice.  "Replacement" means a transaction for the purchase of a new policy or contract that the proposing producer, or the proposing insurer if there is no producer, knows or has reason to know will cause an existing policy or contract to be:  (1) Terminated, lapsed, forfeited, or surrendered, partially surrendered, or assigned to the replacing insurer;  (2) Converted to reduced paid-up insurance, continued as extended term insurance, or otherwise reduced in value by the use of nonforfeiture benefits or other policy values;  (3) Amended to effect a reduction in either benefits or the term for which coverage would otherwise remain in force or for which benefits would be paid;  (4) Reissued with any reduction in cash value; or  (5) Used in a finance purchase.  "Suitability information" means information about the consumer that is reasonably related to the determination of the appropriateness of a recommendation, including the following:  (1) Age;  (2) Annual income;  (3) Financial situation and needs, including the financial resources used for funding the annuity at issue;  (4) Financial experience;  (5) Financial objectives;  (6) Intended use of the annuity;  (7) Financial time horizon;  (8) Existing assets, including investment and life insurance holdings;  (9) Liquidity needs;  (10) Liquid net worth;  (11) Risk tolerance; and  (12) Tax status. [L 2007, c 257, pt of §2; am L 2011, c 108, §4; am L 2012, c 66, §13]
HI Rev Stat § 431:10D-624 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:10D-624 Compliance mitigation; penalties.

 §431:10D-624 Compliance mitigation; penalties. (a) An insurer shall be responsible for compliance with this part. If a violation occurs because of the action or inaction of the insurer or its insurance producer, the commissioner may order:  (1) An insurer to take reasonably appropriate corrective action for any consumer harmed by the insurer's or its insurance producer's violation of this part;  (2) A business entity, general agency, independent agency, or the insurance producer to take reasonably appropriate corrective action for any consumer harmed by the insurance producer's violation of this part; and  (3) Appropriate penalties and sanctions.  (b) Any penalty applicable to an insurer, a managing general agent, independent agencies, or a producer under article 13 of chapter 431 may be applicable to a violation of this part; provided that penalties may be reduced or eliminated if corrective action for the consumer was taken promptly after a violation was discovered or if the violation was not part of a pattern or practice. [L 2007, c 257, pt of §2; am L 2011, c 108, §6]
HI Rev Stat § 431:10D-625 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:10D-625 Recordkeeping.

 §431:10D-625 Recordkeeping.  Insurers, managing general agents, independent agencies, and insurance producers shall maintain or make available to the commissioner records of the information collected from the consumer and other information used in making the recommendations that were the basis for insurance transactions for five years after the insurance transaction has been completed by the insurer. An insurer may maintain documentation on behalf of an insurance producer. [L 2007, c 257, pt of §2]
HI Rev Stat § 431:10D-641 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:10D-641 Purpose.

Note Part heading amended by L 2012, c 34, §10. §431:10D-641 Purpose. The purpose of this part is to protect consumers from misleading and fraudulent marketing practices with respect to the use of senior-specific certifications and professional designations in the solicitation of, sale of, or purchase of, or advice given in connection with a life insurance or annuity product. [L 2011, c 108, pt of §7]
HI Rev Stat § 431:10D-651 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:10D-651 Short title.

  §431:10D-651 Short title. This part may be known and cited as the Unclaimed Life Insurance Benefits Act. [L 2018, c 202, pt of §1]
HI Rev Stat § 431:10D-652 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:10D-652 Purpose.

  §431:10D-652 Purpose. The purpose of this part is to require recognition of the escheat or unclaimed property statutes of this State and require the complete and proper disclosure, transparency, and accountability relating to any method of payment for life insurance death benefits regulated by the State's insurance commissioner. [L 2018, c 202, pt of §1]