Haw. Rev. Stat. § 431:5-302

Current through Act 47 of the 2024 Legislative Session

Section 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).

HRS § 431:5-302

L 1987, c 347, pt of §2; am L 1997, c 368, §5