Haw. Rev. Stat. § 431:4-119

Current through the 2024 Legislative Session

Section 431:4-119 - Refund upon failure to complete or qualify or upon revocation of solicitation permit

The commissioner shall withdraw all funds held in escrow and refund to subscribers or applicants all sums paid in on stock subscriptions, less that part of the sums paid in on subscriptions as has been allowed and used for promotion and organization expenses, and all sums paid in on insurance applications, and shall dissolve the proposed insurer or corporation if:

(1) The proposed insurer or corporation:

(A) Fails to complete its organization and obtain full payment for subscriptions and applications; and

(B) Fails to secure its certificate of authority before expiration of the solicitation permit, if an insurer; or

(2) The commissioner revokes the solicitation permit.

HRS § 431:4-119

Amended by L 2019, c 111,§ 16, eff. 6/21/2019.

L 1987, c 347, pt of §2