§431:7-309 - Release of deposit. - Hawaii Statutes

     §431:7-309  Release of deposit.  (a)  Any required deposit or portion thereof shall be released in these instances only:

     (1)  Upon extinguishment of all liabilities or portion thereof, of the insurer for the security of which the deposit is held, by reinsurance contract or otherwise.

     (2)  If any such deposit or portion thereof is no longer required under this part.

     (3)  Upon proper order of a court of competent jurisdiction the deposit or portion thereof shall be released to the receiver, conservator, rehabilitator, or liquidator of the insurer for whose account the deposit is held.

     (b)  No such release shall be made except on application to and written order of the commissioner made upon proof satisfactory to the commissioner of the existence of one of such grounds therefor.  The commissioner shall not have any personal liability for any such release of any deposit or part thereof so made by the commissioner in good faith.

     (c)  All releases of deposits or any part thereof shall be made to the person then entitled thereto upon proof of title satisfactory to the commissioner. [L 1987, c 347, pt of §2]