reglab/housing_qa huggingface dataset:
HI Rev Stat § 431:5-302 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:5-302 Unearned premium reserve for marine and transportation.

  §431:5-302 Unearned premium reserve for marine and transportation. Marine and transportation insurance policy premiums on trip risks not terminated shall be deemed unearned. The commissioner may require the insurer to carry a reserve equal to one hundred per cent on trip risks written during the month ended as of the date of statement, and:  (1) Computed upon a pro rata basis; or  (2) With the commissioner's consent, in accordance with the alternative methods provided in section 431:5-301(c) and section 431:5-301(d). [L 1987, c 347, pt of §2; am L 1997, c 368, §5]
HI Rev Stat § 431:5-303 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:5-303 Active life reserves and unearned premium reserves for noncancellable disability insurance.

  §431:5-303 Active life reserves and unearned premium reserves for noncancellable disability insurance. (a) The legal minimum standard for computing the active life reserve, including the unearned premium reserve, of noncancellable disability policies shall be based on conference modification of class III disability experience with interest not to exceed three and one-half per cent a year on the full preliminary term basis.  (b) The tables shall be extended to cover the provisions of such policies on such bases as the commissioner may approve for policies:  (1) With a waiting period of less than three months; or  (2) Providing benefits at ages beyond the limits of conference modification of class III disability experience.  (c) The reserve for losses under noncancellable disability policies shall be based on conference modification of class III disability experience, except that for claims of less than twenty-seven months' duration, the reserve may be taken as equivalent to the prospective claim payments for three and one-half times the elapsed period of disability. In no case shall the reserve be less than the equivalent of seven weeks' claim payments.  (d) The commissioner shall modify the application of the tables and requirements prescribed in this section to policies or to claims arising under policies in accordance with the waiting period contained in such policies and in accordance with any limitation as to the time for which indemnity is payable. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:5-304 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:5-304 Loss reserves for liability and workers' compensation insurance.

  §431:5-304 Loss reserves for liability and workers' compensation insurance. The reserves for outstanding losses and loss expenses under policies of liability insurance and workers' compensation insurance shall be determined in accordance with the applicable basis set forth in the convention annual statement blank of the National Association of Insurance Commissioners. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:5-305 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:5-305 Increased reserves.

  §431:5-305 Increased reserves. (a) If the commissioner determines that an insurer's unearned premium reserves, however computed, are inadequate, the commissioner may require the insurer to compute such reserves or any part thereof according to such other method or methods as are prescribed in this code.  (b) If the loss reserves, however estimated, are inadequate, the commissioner shall require the insurer to maintain loss reserves in such increased amount as is needed to make them adequate. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:5-306 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:5-306 Reserve credit for reinsurance.

  §431:5-306 Reserve credit for reinsurance. (a) An insurer may take credit for reserves on risks ceded to a reinsurer to the extent reinsured, except that:  (1) No credit shall be taken on account of reinsurance in any reinsurer not qualified under article 4A or in any reinsurer that has been disapproved by the commissioner; and  (2) No credit shall be allowed, as an asset or as a deduction from liability, to any ceding insurer for reinsurance unless the reinsurance is payable by the assuming insurer on the basis of the liability of the ceding insurer under the contracts reinsured without diminution because of the insolvency of the ceding insurer.  (b) A reinsurance agreement may provide that:  (1) The liquidator, receiver or statutory successor of an insolvent ceding insurer shall be given written notice of the pendency of a claim against the insolvent ceding insurer on the policy or bond reinsured within a reasonable time after the claim is filed in the insolvency proceeding; and  (2) Any assuming insurer may investigate such claim and interpose any defense or defenses which it may deem available to the ceding insurer, its liquidator, receiver, or statutory successor, during the pendency of the claim, in the proceeding where the claim is to be adjudicated, at its own expense.  (c) Subject to court approval, the expense thus incurred by the assuming insurer shall be chargeable against the insolvent ceding insurer as a part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to the ceding insurer solely as a result of the defense undertaken by the assuming insurer.  (d) Where two or more assuming insurers are involved in the same claim and a majority in interest elect to interpose defense to the claim, the expense shall be apportioned in accordance with the terms of the reinsurance agreement as though the expense had been incurred by the ceding insurer. [L 1987, c 347, pt of §2; am L 2004, c 122, §18]
HI Rev Stat § 431:5-308 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:5-308 Valuation of bonds.

  §431:5-308 Valuation of bonds. (a) All bonds or other evidences of debt having a fixed term and rate held by any insurer may, if amply secured and not in default as to principal or interest, be valued as follows:  (1) If purchased at par, at the par value.  (2) If purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at the earliest date callable at par or maturing at par and so as to yield in the meantime the effective rate of interest at which the purchase was made; or in lieu of such method, according to such accepted method of valuation as is approved by the commissioner.  (3) Purchase price shall in no case be taken at a higher figure than the actual market value at the time of purchase plus actual brokerage, transfer, postage, or express charges paid in the acquisition of such securities.  (4) Unless otherwise provided by a valuation established or approved by the National Association of Insurance Commissioners, no such security shall be carried at above call price for the entire issue during any period within which the security may be so called.  (b) The commissioner shall have full discretion in determining the method of calculating values according to the rules set forth in this section, not inconsistent with any such methods then currently formulated or approved by the National Association of Insurance Commissioners. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:5-309 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:5-309 Valuation of other securities.

  §431:5-309 Valuation of other securities. (a) Any security, other than a security covered by section 431:5-308, is required to be valued at its market value or, if there is no market, at its value as fixed by an impartial appraiser, all consistent with any current method for the valuation of any such security formulated or approved by the National Association of Insurance Commissioners.  (b) Preferred or guaranteed stock or shares while paying full dividends may be carried at a fixed value in lieu of market value, at the discretion of the commissioner and in accordance with such method of computation as the commissioner may approve.  (c) The stock of a subsidiary of an insurer acquired after January 1, 1956, shall be valued on the basis of the value of only such of the assets of the subsidiary as would constitute lawful investments for the insurer if acquired or held directly by the insurer. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:5-310 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:5-310 Valuation of property.

  §431:5-310 Valuation of property. (a) Real property acquired pursuant to a mortgage loan or a contract for a deed, in the absence of a recent appraisal deemed by the commissioner to be reliable, shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date of the acquisition, with accrued interest thereon for not in excess of eighteen months, together with any taxes and expenses paid or incurred in connection with the acquisition, the cost of improvements thereafter made by the insurer, and any amounts thereafter paid by the insurer on assessments levied for improvements in connection with the property.  (b) Other real property held by an insurer shall not be valued at any amount in excess of fair value.  (c) Personal property acquired pursuant to security agreements made under section 431:6-310 shall not be valued at an amount greater than the unpaid balance of principal on the defaulted loan at the date of acquisition together with taxes and expenses incurred in connection with the acquisition, or the fair value of the property, whichever amount is the lesser. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:5-311 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:5-311 Valuation of purchase money mortgages.

  §431:5-311 Valuation of purchase money mortgages. Purchase money mortgages on real property referred to in section 431:5-310 shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or ninety per cent of the fair value of the real property, whichever is less. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:5-401 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:5-401 Rules.

  §431:5-401 Rules. The commissioner may adopt rules under chapter 91 implementing this article. [L 1995, c 232, §5]
HI Rev Stat § 431:6-101 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-101 Definitions pertaining to investments.

  §431:6-101 Definitions pertaining to investments. (a) For purposes of this article:  "Cash" includes cash equivalents.  "Cash equivalents" means highly-rated and highly-liquid investments or securities with a remaining term of ninety days or less and rated in the highest short-term category by a nationally recognized statistical rating organization recognized by the SVO. Cash equivalents include government money market mutual funds defined by the Purposes and Procedures Manual of the SVO, or its successor publication.  "Fixed charges" means interest on funded and unfunded debt, amortization of debt discount, and rentals for leased properties.  "Institution" means corporations, joint-stock associations, and business trusts.  "Net earnings available for fixed charges" means net income after deducting operating and maintenance expenses, taxes other than federal and state income taxes, depreciation, and depletion, but excluding extraordinary nonrecurring items of income or expense appearing in the regular financial statements of such institution.  "Obligation" means bonds, debentures, notes, or other evidence of indebtedness.  "Surplus as regards to policyholders" means the excess of the insurer's admitted assets over its liabilities.  "SVO" means the Securities Valuation Office of the National Association of Insurance Commissioners.  "Value" means fair value. Market value is the best evidence of fair value.  (b) If net earnings are determined in reliance upon consolidated earnings statements of parent and subsidiary institutions:  (1) The net earnings shall be determined after provision for income taxes of subsidiaries and after proper allowance for minority stock interest, if any, and  (2) The required coverage of fixed charges shall be computed on a basis including fixed charges and preferred dividends of subsidiaries other than those payable by the subsidiaries to the parent corporation or to any other of the subsidiaries. Except that if the minority common stock interest in the subsidiary corporation is substantial, the fixed charges and preferred dividends may be apportioned in accordance with regulations prescribed by the commissioner. [L 1987, c 347, pt of §2; am L 2008, c 142, §1; am L 2019, c 70, §7]
HI Rev Stat § 431:6-102 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-102 Merged, reorganized institutions.

  §431:6-102 Merged, reorganized institutions. In applying the earnings test set forth in section 431:6-101 to any such institution, whether or not in legal existence during the whole of such five years next preceding the date of investment by the insurer, which has at any time during the five-year period acquired substantially all of the assets of any other institution or institutions by purchase, merger, consolidation, or otherwise, or has been reorganized pursuant to the bankruptcy law, the earnings of the predecessor or constituent institutions, or of the institution so reorganized, available for the interest and dividends for such portion of the five-year period as may have preceded the acquisition, or the reorganization, may be included in the earnings of the issuing, assuming, or guaranteeing institution for such portion of such period as may be determined in accordance with adjusted or pro forma consolidated earnings statements covering such portion of such period and giving effect to all stock or shares outstanding, and all fixed charges existing, immediately after the acquisition, or the reorganization. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:6-103 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-103 Eligible investments; scope.

  §431:6-103 Eligible investments; scope. (a) This article shall apply to domestic insurers only. Insurers shall invest in or loan their funds on the security of, and shall hold as assets, only eligible investments as prescribed in this article.  (b) The eligibility of an investment shall be determined as of the date of its making or acquisition.  (c) Any limitation based upon the amount of the insurer's assets or surplus shall relate to assets or surplus as shown by the insurer's annual statement as of December 31 preceding date of investment. [L 1987, c 347, pt of §2; am L 2008, c 142, §2]
HI Rev Stat § 431:6-104 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-104 General qualifications.

  §431:6-104 General qualifications. (a) Notwithstanding the provisions of section 431:6-321, no security or other investment shall be eligible for purchase or acquisition under this article unless it is interest bearing or interest accruing or income paying, is not then in default in any respect, and the insurer is entitled to receive for its exclusive account and benefit, the interest or income accruing thereon; except, that it may acquire real property and non-dividend paying securities as provided in this article. An insurer's aggregate investment in non-dividend paying securities shall not exceed the greater of twenty-five per cent of its admitted assets or fifty per cent of its surplus as regards to policyholders as defined in section 431:6-101.  (b) No security shall be eligible for purchase at a price above its fair value.  (c) No provision of this article shall prohibit the acquisition by an insurer of other or additional securities or property if received as a dividend or as a lawful distribution of assets, or if acquired pursuant to a lawful and bona fide agreement of bulk reinsurance, merger, or consolidation. Any investments so acquired which are not otherwise eligible under this article shall be disposed of pursuant to section 431:6-403 if personal property or securities, or pursuant to section 431:6-312 if real property. [L 1987, c 347, pt of §2; am L 2008, c 142, §3]
HI Rev Stat § 431:6-105 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-105 General limitations.

  §431:6-105 General limitations. Except as otherwise expressly limited, an insurer shall not have at any time any combination of investments in or loans upon the security of the obligations, property, and securities of any one person aggregating an amount exceeding ten per cent of the insurer's assets. This section shall not apply to investments in, or loans upon the security of general obligations of the government of the United States or of any state of the United States, nor to investments in foreign securities pursuant to section 431:6-313(a), nor include policy loans made pursuant to section 431:6-314. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:6-106 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-106 Record of investments.

  §431:6-106 Record of investments. (a) As to each investment or loan of the funds of a domestic insurer, a written record in permanent form showing the authorization thereof shall be made and signed by an officer of the insurer or by the chairperson of the committee authorizing the investment or loan.  (b) Investment records which document the security transactions are to be maintained in the insurer's principal office in this State. [L 1987, c 347, pt of §2; gen ch 1993]
HI Rev Stat § 431:6-201 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-201 Required investments for capital and reserves.

  §431:6-201 Required investments for capital and reserves. (a) An insurer shall invest and keep invested its funds aggregating in amounts, if a stock insurer, not less than sixty per cent of its minimum required capital, or if a mutual or reciprocal insurer, not less than sixty per cent of its required minimum surplus, in cash or investments eligible in accordance with section 431:6-301 (public obligations), and in mortgage loans on real property, pursuant to section 431:6-306.  (b) In addition to the investments required by subsection (a), an insurer shall maintain an amount aggregating not less than one hundred per cent of its reserves required by this code, in the following assets: cash, premiums in course of collection, reinsurance recoverable on paid losses, or investments eligible in accordance with this article, including interest and dividends receivable on the investments. [L 1987, c 347, pt of §2 as superseded by c 348, §10; am L 2008, c 142, §4]
HI Rev Stat § 431:6-301 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-301 Public obligations.

  §431:6-301 Public obligations. (a) An insurer may invest any of its funds in bonds or other evidences of debt, not in default as to principal or interest, which are valid and legally authorized obligations issued, assumed, or guaranteed by the United States or by any state thereof or by any possession of the United States or by any county, city, town, village, municipality, or district therein or by any political subdivision thereof or by any civil division or public instrumentality of one or more of the foregoing, if, by statutory or other legal requirements applicable thereto, such obligations are payable, as to both principal and interest:  (1) From taxes levied or required to be levied upon all taxable property or all taxable income within the jurisdiction of the governmental unit, or  (2) From adequate special revenues pledged or otherwise appropriated or by law required to be provided for the purpose of such payment, but not including any obligation payable solely out of special assessments on properties benefited by local improvements unless adequate security is evidenced by the ratio of assessment to the value of the property or the obligation is additionally secured by an adequate guaranty fund required by law.  (b) In addition to the foregoing, an insurer may invest any of its funds in obligations issued or guaranteed by the Inter-American Development Bank, the International Bank for Reconstruction and Development, the Asian Development Bank or the African Development Bank. [L 1987, c 347, pt of §2; am L 1989, c 195, §16]
HI Rev Stat § 431:6-302 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-302 Corporate obligations.

  §431:6-302 Corporate obligations. An insurer may invest any of its funds in obligations other than those eligible for investment under section 431:6-306 if they are:  (1) Issued, assumed, or guaranteed by any solvent institution created or existing under the laws of the United States or of any state, or district thereof; and  (2) Filed with the SVO or are considered "filing exempt" by the Purposes and Procedures Manual of the SVO, or its successor publication. [L 1987, c 347, pt of §2; am L 2008, c 142, §5]
HI Rev Stat § 431:6-303 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-303 Preferred or guaranteed stocks or shares.

  §431:6-303 Preferred or guaranteed stocks or shares. An insurer may invest any of its funds, in an aggregate amount not exceeding fifteen per cent of its assets, in preferred or guaranteed stocks or shares, other than common stocks, of solvent institutions existing under the laws of the United States or of any state, district, or territory thereof, if all of the prior obligations and prior preferred stocks, if any, of the institution at the date of acquisition by the insurer are:  (1) Eligible as investments under this article; and  (2) Filed with the SVO or are considered "filing exempt" by the Purposes and Procedures Manual of the SVO, or its successor publication. [L 1987, c 347, pt of §2; am L 2008, c 142, §6]
HI Rev Stat § 431:6-304 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-304 Trustees or receivers obligations.

  §431:6-304 Trustees or receivers obligations. An insurer may invest any of its funds, in an aggregate amount not exceeding two per cent of its assets, in certificates, notes or other obligations issued by trustees or receivers of institutions existing under the laws of the United States or of any state, district or territory thereof, which, or the assets of which, are being administered under the direction of any court having jurisdiction, if the obligation is adequately secured as to principal and interest. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:6-305 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-305 Equipment trust obligations.

  §431:6-305 Equipment trust obligations. An insurer may invest any of its funds, in an aggregate amount not exceeding ten per cent of its assets, in equipment trust obligations or certificates which are adequately secured, or in other adequately secured instruments evidencing an interest in transportation equipment wholly or in part within the United States and the right to receive determined portions of rental, purchase, or other fixed obligatory payments for the use or purchase of such transportation equipment. [L 1987, c 347, pt of §2]