reglab/housing_qa huggingface dataset:
HI Rev Stat § 431:6-306 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-306 Mortgage loans and contracts.

  §431:6-306 Mortgage loans and contracts. An insurer may invest any of its funds in:  (1) (A) Bonds or evidences of debt which are secured by first mortgages or deeds of trust on real property located in the United States or Guam which meet either of the following requirements:  (i) Improved, unencumbered real property; or  (ii) Unimproved, unencumbered real property, only where the real property is to be improved, and the bond or evidence of debt is secured by a first mortgage or deed of trust on the real property and the improvement to be made thereon.  (B) Security interests in connection therewith pursuant to section 431:6-310;  (C) The seller's equity in an agreement of sale in any such property, covering the entire balance due on a bona fide sale of such property, in an amount not to exceed $15,000 or the amount permissible under section 431:6-105, whichever is greater, in any one such agreement of sale, nor in any amount in excess of the following percentages of the actual sale price or fair value of the property, whichever is the smaller:  (i) If a dwelling primarily designed for single family occupancy and occupied by the purchaser under such contract, seventy-five per cent,  (ii) In all other cases, sixty-six and two-thirds per cent.  (2) Purchase money mortgages or like securities received by it upon the sale or exchange of real property acquired pursuant to section 431:6-311.  (3) Evidences of debt secured by mortgage or trust deed guaranteed or insured by an agency of the United States.  (4) Evidences of debt secured by first mortgages or deeds of trust upon leasehold estates, running for a term of not less than five years beyond the maturity of the loan as made or extended, in improved real property, otherwise unencumbered, and if the mortgagee is entitled to be subrogated to all the rights under the leasehold. [L 1987, c 347, pt of §2 as superseded by c 348, §11; am L 1988, c 330, §4]
HI Rev Stat § 431:6-307 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-307 Mortgage loan limited by property value.

  §431:6-307 Mortgage loan limited by property value. (a) No mortgage loan or investment therein upon any one parcel of real property shall exceed in amount at the time of acquisition:  (1) Eighty per cent of the fair value of the property if the property is a dwelling house primarily intended for occupancy by one family, and the loan is required to be amortized within not more than thirty years by payment of installments thereon, at regular intervals not less frequent than every three months; or  (2) Seventy-five per cent of the fair value of the property in all other cases.  (b) The extent to which a mortgage loan made under section 431:6-306(3) is guaranteed or insured by an agency of the United States, may be deducted before application of the limitations in subsection (a). [L 1987, c 347, pt of §2]
HI Rev Stat § 431:6-308 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-308 Encumbrance defined.

  §431:6-308 Encumbrance defined. (a) Real property shall not be deemed to be encumbered within the meaning of section 431:6-306 by reason of the existence of instruments reserving mineral, oil, timber, or similar rights, rights of way, sewer rights, rights in walls, nor by reason of any liens for taxes or assessments not yet due, or on account of liens not delinquent for community recreational facilities or for the maintenance of community facilities, nor by reason of building restrictions or other restrictive covenants common to the community in which the property is located, nor by liens for service and maintenance of water rights where not delinquent, nor when such real property is subject to lease under which rents or profits are reserved to the owner if in any event the security for the loan or investment is a first lien upon the real property.  (b) If under any of the exceptions set forth in subsection (a) there is any sum owing but not due or delinquent, the total amount of such sum shall be deducted from the amount which otherwise might be loaned on the property.  The value of any mineral, oil, timber, or similar right reserved shall not be included in the fair value of the property. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:6-309 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-309 Appraisal; insurance; limit.

  §431:6-309 Appraisal; insurance; limit. (a) The fair value of property shall be determined by appraisal by a competent appraiser at the time of the making or acquiring of a mortgage loan or investing in a contract for the deed thereon.  (b) Buildings and other improvements located on the mortgaged premises shall be kept insured for the benefit of the mortgagee against loss or damage from fire in an amount not less than the unpaid balance of the obligation, or the insurable value of the property, whichever is the lesser.  (c) An insurer shall not make or acquire a loan or loans upon the security of any one parcel of real property in an aggregate amount in excess of $250,000 or more than the amount permissible under section 431:6-105, whichever is the greater. [L 1987, c 347, pt of §2 as superseded by c 348, §12]
HI Rev Stat § 431:6-310 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-310 Security agreements.

  §431:6-310 Security agreements. (a) In connection with a mortgage loan on the security of real property designed and used primarily for residential purposes only acquired pursuant to section 431:6-306, an insurer may loan or invest an amount not exceeding twenty per cent of the amount loaned or invested in the real property mortgage, on the security of a security agreement for a term of not more than five years representing a first and prior lien, except for taxes not then delinquent, on personal property constituting durable equipment owned by the mortgagor and kept and used in the mortgaged premises.  (b) The term durable equipment shall include only mechanical refrigerators, mechanical laundering machines, heating and cooking stoves and ranges, mechanical kitchen aids, vacuum cleaners, and fire extinguishing devices; and in addition, in the case of apartment houses and hotels, room furniture and furnishings.  (c) Prior to acquisition of a security agreement, items of property to be included shall be separately appraised by a competent appraiser and the fair market value thereof determined. No such security agreement shall exceed in amount the same ratio of loan to the value of the property as is applicable to the companion mortgage loan on the real property. [L 1987, c 347, pt of §2; am L 2004, c 122, §19]
HI Rev Stat § 431:6-312 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-312 Time limit for disposal.

  §431:6-312 Time limit for disposal. (a) Real property acquired by an insurer pursuant to section 431:6-311(e)(1) shall be disposed of within three years after it has ceased being necessary for the use of the insurer in the transaction of its business. Real property acquired by an insurer pursuant to such loans, mortgages, liens, judgments, or other debts, or pursuant to paragraphs (2), (3), (4), and (5) of section 431:6-311(e) shall be disposed of within three years after date of acquisition. The time for any such disposal shall be extended by the commissioner for a definite additional period or periods upon application and reasonable showing that forced sale of the property would be against the best interests of the insurer.  (b) Any such real property held by the insurer without the commissioner's consent beyond the time permitted for its disposal shall not be carried or allowed as an asset. [L 1987, c 347, pt of §2; am L 2004, c 122, §20]
HI Rev Stat § 431:6-313 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-313 Foreign securities.

  §431:6-313 Foreign securities. (a) An insurer authorized to transact insurance in a foreign country may invest any of its funds, in an aggregate amount not exceeding its deposit and reserve obligations incurred in such country, in securities of or in such country possessing characteristics and of a quality similar to those required pursuant to this article for investments in the United States.  (b) An insurer may invest any of its funds, in an aggregate amount not exceeding fifteen per cent of its assets, in addition to any amount permitted pursuant to subsection (a), in obligations of the governments of the Dominion of Canada, or of Canadian provinces, or municipalities, and in obligations of Canadian corporations, which have not been in default during the five years next preceding date of acquisition, and which are otherwise of equal quality to like United States public or corporate securities as prescribed in this article.  (c) In addition to investments permitted under subsections (a) and (b), an insurer may acquire foreign investments, including American Depository Receipts, or engage in investment practices with persons of or in foreign jurisdictions of substantially the same types as those permitted under this article; provided that:  (1) The aggregate amount of foreign investments then held by the insurer under this subsection shall not exceed twenty per cent of its admitted assets; and  (2) The aggregate amount of foreign investments then held by the insurer under this subsection in a single foreign jurisdiction shall not exceed ten per cent of its admitted assets as to a foreign jurisdiction that has a sovereign debt rating of SVO 1 or three per cent of its admitted assets as to any other foreign jurisdiction.  (d) Investments acquired under this section shall be aggregated with investments of the same types made under all other sections of this article, and in a similar manner, for the purposes of determining compliance with limitations, if any, contained in the other sections. [L 1987, c 347, pt of §2; am L 2008, c 142, §7]
HI Rev Stat § 431:6-314 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-314 Policy loans.

  §431:6-314 Policy loans. An insurer may loan upon a life insurance policy, as collateral security, any sum not exceeding the cash surrender value of the policy. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:6-315 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-315 Banks, savings and loan associations, credit unions, and financial services loan companies.

  §431:6-315 Banks, savings and loan associations, credit unions, and financial services loan companies. (a) An insurer may invest or deposit any of its funds in checking or savings accounts, under separate certificates of deposit, or in any other form in solvent banks or trust companies.  (b) An insurer may invest any of its funds in shares or savings accounts in solvent savings and loan associations that are insured by the Federal Deposit Insurance Corporation.  (c) An insurer may deposit any of its funds in shares or share draft accounts in solvent state chartered credit unions or federally chartered credit unions.  (d) An insurer may invest or deposit any of its funds in savings accounts, in certificates of deposit, or in any other form in solvent financial services loan companies that are insured by the Federal Deposit Insurance Corporation. [L 1987, c 347, pt of §2; am L 1993, c 107, §2]
HI Rev Stat § 431:6-316 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-316 Insurance stocks.

  §431:6-316 Insurance stocks. (a) An insurer other than a life insurer may invest a portion of its surplus funds in an aggregate amount not exceeding fifty per cent of its surplus over its capital stock and other liabilities, or thirty-five per cent of its capital funds, whichever is greater, in the stocks of other insurers organized and existing under the laws of the states of the United States. Indirect or proportionate interests in insurance stocks held by an insurer through any intermediate subsidiary or subsidiaries shall be included in applying the limitations provided in subsections (a), (b) and (c).  (b) A life insurer may invest in such insurance stocks in an aggregate amount not exceeding the smaller of the following amounts: Five per cent of its assets or twenty-five per cent of its surplus over its capital stock and other liabilities, or of surplus over its required minimum surplus if a mutual life insurer.  (c) No such insurance stock shall be eligible as an investment unless it meets the qualifications for stocks of other corporations as set forth in section 431:6-317.  (d) The limitations on investment in insurance stocks set forth in this article shall not apply to stocks acquired under a plan for merger of the insurers which has been approved by the commissioner or to shares received as stock dividends upon shares already owned. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:6-317 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-317 Common stocks.

  §431:6-317 Common stocks. (a) To meet the requirements under section 431:6-201, an insurer may invest any of its funds in common shares of stock that are filed with the SVO or are considered "filing exempt" by the Purposes and Procedures Manual of the SVO, or its successor publication; provided that an insurer's amount of investment in common stocks and in non-dividend paying stocks made pursuant to this section and in common trust funds, mutual funds, and exchange traded funds made pursuant to section 431:6-322 shall not exceed the greater of twenty-five per cent of its admitted assets or one hundred per cent of its surplus as regards to policyholders as defined in section 431:6-101.  (b) An insurer may invest any of its funds in common shares of stock in solvent United States corporations after satisfying the requirements under section 431:6-201.  (c) An insurer's aggregate amount of investment in non-dividend paying stocks shall be subject to the limitations in section 431:6-104. [L 1987, c 347, pt of §2; am L 2008, c 142, §8; am L 2009, c 77, §4]
HI Rev Stat § 431:6-318 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-318 Collateral loans.

  §431:6-318 Collateral loans. An insurer is permitted to loan its funds upon the pledge of securities or evidences of debt eligible for investment under this article. As at date made, no such loan shall exceed in amount ninety per cent of the fair value of the collateral pledged, except that loans upon pledge of United States government bonds may be equal to the fair value of the bonds pledged and that loans on life insurance policies may equal the cash surrender value of the policy as provided in section 431:6-314. The amount so loaned shall be included in the maximum percentage of funds permitted to be invested in the kinds of securities for evidences of debt pledged or permitted by section 431:6-105. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:6-319 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-319 Miscellaneous investments.

  §431:6-319 Miscellaneous investments. (a) An insurer may loan or invest its funds in an aggregate amount not exceeding the lesser of the following sums: Five per cent of its assets or fifty per cent of its surplus over its capital and other liabilities, or, if a mutual or reciprocal insurer, fifty per cent of its surplus over the minimum required surplus, in kinds of loans or investments not otherwise specifically made eligible for investment and not specifically prohibited or made ineligible by this or other provisions of this article.  (b) No such loan or investment shall be represented by:  (1) Any item described in section 431:5-202;  (2) Any loan or investment of a kind specifically made eligible under any other provision of this code; or  (3) Any loan, investment, or assets theretofore acquired or held by the insurer under any other category of loans or investments.  (c) No one investment or loan shall exceed the amount specified in subsection (a) or one per cent of insurer's assets, whichever is the lesser.  (d) The insurer shall keep a separate record of all investments acquired under this section. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:6-320 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-320 Special consent investments.

  §431:6-320 Special consent investments. Upon approval of the commissioner and in compliance with section 431:6-104, an insurer may make any investment or kind of investment or exchange of assets otherwise prohibited or not eligible under this article. The commissioner's order of approval, if granted, shall specify whether any part of the investment may be credited to required minimum capital or surplus investment, or to investment of reserves. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:6-321 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-321 Hedging transactions.

  §431:6-321 Hedging transactions. (a) A domestic insurer may effect or maintain bona fide hedging transactions pertaining to securities otherwise eligible for investment under this part including, but not limited to:  (1) Financial futures contracts, warrants, options, calls, and other rights to purchase, and  (2) Puts and other rights to require another person to purchase the securities.  (b) The contracts, options, calls, puts, and rights shall be traded on a commodity exchange regulated under the Commodity Exchange Act, as amended, on a securities exchange, or on an over-the-counter market regulated under the Securities Exchange Act of 1934, as amended.  (c) For purposes of this section, a bona fide hedging transaction means a purchase or sale of a contract, warrant, option, call, put, or right entered into for the purpose of:  (1) Minimizing interest rate risks in respect to interest obligations on insurance policies or contracts supported by securities held by the insurer, or  (2) Offsetting changes in the market values or yield rates of securities held by the insurer. [L 1987, c 349, §3]
HI Rev Stat § 431:6-322 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-322 Common trust funds; mutual funds; and exchange traded funds.

  §431:6-322 Common trust funds; mutual funds; and exchange traded funds. (a) For purposes of this section:  "Common trust funds" means a fund maintained by a bank exclusively for the collective investment and reinvestment of moneys contributed by the bank in its capacity as a trustee, executor, administrator, guardian, or custodian of accounts as defined in section 584 of the Internal Revenue Code of 1986, as amended.  "Exchange traded fund" means a security that tracks an index, commodity, or basket of assets similar to an index fund, is registered with the federal Securities and Exchange Commission under the Investment Company Act of 1940, as amended, and is traded on a public exchange.  "Mutual funds" means an investment company that is registered with the federal Securities and Exchange Commission under the Investment Company Act of 1940 (15 United States Code section 80a-1, et seq.), as amended.  (b) To meet the requirements under section 431:6-201, an insurer may invest in common trust funds, mutual funds, and exchange traded funds; provided that an insurer's amount of investment made pursuant to this section and in common stocks made pursuant to section 431:6-317(a) shall not exceed the greater of twenty-five per cent of its admitted assets or one hundred per cent of its surplus as regards to policyholders as defined in section 431:6-101. This limitation shall not apply to investments approved on the "Mutual Funds List" from the Purposes and Procedures Manual of the SVO, or its successor publication.  (c) An insurer may invest any of its funds in common trust funds, mutual funds, and exchange traded funds after satisfying the requirements of section 431:6-201. [L 1987, c 349, §4; am L 2008, c 142, §9; am L 2009, c 11, §5 and c 77, §5]
HI Rev Stat § 431:6-401 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-401 Prohibited investments.

  §431:6-401 Prohibited investments. In addition to investments excluded under other provisions of this article, an insurer shall not, except with the commissioner's approval in advance, invest in or loan its funds upon the security of, or hold:  (1) Issued shares of its own capital stock, except for the purpose of mutualization in accordance with section 431:4-502.  (2) Any investment or loan ineligible under section 431:6-105.  (3) Securities issued by an insolvent corporation.  (4) Any investment or security which is found by the commissioner to be designed to evade any prohibition of this article. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:6-402 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-402 Securities underwriting; agreements to withhold or to repurchase.

  §431:6-402 Securities underwriting; agreements to withhold or to repurchase. No insurer shall:  (1) Participate in the underwriting of the marketing of securities in advance of their issuance or enter into any transaction for such underwriting for the account of such insurer jointly with any other person; or  (2) Enter into any agreement to withhold from sale any of its property, or to repurchase any property sold by it. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:6-403 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-403 Disposal of ineligible property and securities.

  §431:6-403 Disposal of ineligible property and securities. (a) Any personal property or securities lawfully acquired by an insurer, which it could not otherwise have invested in or loaned its funds upon at the time of the acquisition, shall be disposed of by the insurer within three years from date of acquisition, unless within such period the security has attained the standard for eligibility. The commissioner, upon application and reasonable showing that forced sale of any such property or security would be against the best interests of the insurer, may extend the disposal period for an additional reasonable time.  (b) While any such property or security remains so ineligible, it shall not be allowed as an asset of the insurer.  (c) Any ineligible property or security acquired contrary to this article by an insurer shall be disposed of forthwith; for failure so to do within sixty days after order of the commissioner requiring such disposal, the commissioner may revoke or suspend the insurer's certificate of authority.  (d) For the purposes of subsection (c), an investment otherwise eligible shall not be deemed ineligible for the reason that it is in excess of the amount permitted under this article to be invested in the category of investments to which it belongs; any such excess investment shall be disposed of within the time prescribed in subsection (a). [L 1987, c 347, pt of §2]
HI Rev Stat § 431:6-404 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-404 Authorization of investments.

  §431:6-404 Authorization of investments. No investment, loan, sale, or exchange, except a loan upon a life insurance policy, shall be made by any domestic insurer unless authorized or approved by its board of directors or by a committee charged by the board of directors, or the bylaws with the duty of making such investment, loan, sale, or exchange. The minutes of any such committee shall be recorded and reports shall be submitted to the board of directors for approval or disapproval. [L 1987, c 347, pt of §2]
HI Rev Stat § 431:6-501 (2021)
2021 Hawaii Revised Statutes|Title 24. Insurance|431. Insurance Code|431:6-501 Investments of foreign, alien insurers.

  §431:6-501 Investments of foreign, alien insurers. The investments of a foreign or alien insurer shall be as permitted by the laws of its domicile, but shall be of a quality substantially as high as those required by this article for similar funds of like domestic insurers. [L 1987, c 347, pt of §2]