§431:8-301 - Insurance placed with unauthorized insurer permitted. - Hawaii Statutes

     §431:8-301  Insurance placed with unauthorized insurer permitted.  In addition to section 431:8-205, insurance may be procured from an unauthorized insurer provided:

     (1)  The insurance is procured through a licensed surplus lines broker;

     (2)  The full amount or kind of insurance cannot be obtained from insurers who are authorized to do business in this State; provided that a diligent search is made among the insurers who are authorized to transact and are actually writing the particular kind and class of insurance in this State each time such insurance is placed or renewed;

     (3)  The surplus lines insurance procured is in addition to or in excess of the amount and coverage which can be procured from the authorized insurers; and

     (4)  The insurance is not procured at a rate lower than the lowest rate which is generally acceptable to authorized insurers transacting that kind of business and providing insurance affording substantially the same protection. [L 1987, c 347, pt of §2]

 

Revision Note

 

  Subsection designation deleted.