Haw. Code R. § 16-1-1
This chapter is applicable to all domestic stock insurers having one hundred or more stockholders; provided that this chapter shall not apply to any insurer if ninety-five per cent or more of its stock is owned or controlled by a parent or an affiliated insurer and the remaining shares are held by less than five hundred stockholders. A domestic stock insurer which files with the Securities and Exchange Commission forms of proxies, consents, and authorizations complying with the requirements of the Securities Exchange Act of 1934 ( 15 U.S.C. 78a) and the Securities and Exchange Acts Amendments of 1964 ( P.L. 88-467) and Regulations X-14 of the Securities and Exchange Commission adopted thereunder shall be exempt from the provision of this chapter.
Haw. Code R. § 16-1-1