Haw. Rev. Stat. § 431:3-216

Current through the 2024 Legislative Session

Section 431:3-216 - Mandatory refusal, suspension or revocation provisions

The commissioner shall suspend, revoke, or refuse to extend an insurer's certificate of authority in addition to other grounds in this code, if the insurer:

(1) Is a domestic stock insurer and has assets less in amount than its liabilities, including its capital stock less amounts required for the class of insurance or combination of classes of insurance as a liability, and has failed to make good such deficiency as required by the commissioner.

(2) Is a domestic mutual or domestic reciprocal insurer, and fails to make good a deficiency of assets as required by the commissioner.

(3) Is a foreign or alien insurer and no longer qualifies or meets the requirements for the authority.

(4) Knowingly exceeds its charter powers or its certificate of authority.

HRS § 431:3-216

L 1987, c 347, pt of §2