§431:3-203 - Qualifications for authority. - Hawaii Statutes

     §431:3-203  Qualifications for authority.  (a)  To qualify for and hold a certificate of authority, an insurer must:

     (1)  Be a stock, mutual, or reciprocal insurer of the same general type as may be formed as a domestic insurer under article 4;

     (2)  Have capital funds as required by this code based upon the type and domicile of the insurer and the classes of insurance which the insurer is authorized to transact in its domicile;

     (3)  Transact or propose to transact in this State insurances which are among those authorized by its charter, and only such insurance as meets the standards and requirements of this code; and

     (4)  Fully comply with and qualify according to the provisions of this code.

     (b)  In addition to the requirements in subsection (a), to qualify for and hold a certificate of authority, foreign and alien insurers must have continuously, actively, and successfully transacted the business of insurance for at least five years immediately prior thereto; provided that in the case of a reorganization (including a merger, corporate acquisition, or formation of a subsidiary) of a capital stock or mutual insurer, the five-year period shall be computed from the date of the organization of the original or parent insurer or insurers if substantially the same management continues. [L 1987, c 347, pt of §2; am L 1997, c 13, §1; am L 2001, c 216, §5]