§431:11A-101 - Definitions. - Hawaii Statutes

[ARTICLE 11A]

BUSINESS TRANSACTED WITH PRODUCER CONTROLLED

PROPERTY/CASUALTY INSURER

 

     §431:11A-101  Definitions.  For purposes of this article:

     "Accredited state" means a state in which the insurance department or regulatory agency meets the minimum financial regulatory standards promulgated from time to time by the National Association of Insurance Commissioners.

     "Control" has the meaning ascribed in section 431:11-102.

     "Controlled insurer" means a licensed insurer which is  controlled, directly or indirectly, by a producer.

     "Controlling producer" means a producer who, directly or indirectly, controls an insurer.

     "Licensed insurer" or "insurer" means any person, firm, association, or corporation duly licensed to transact a property or casualty insurance business in this State.  The following are not licensed insurers for the purposes of this article:

     (1)  All risk retention groups as defined in the Superfund Amendments Reauthorization Act of 1986, P.L. No. 99-499, 100 Stat. 1613 (1986), and the Risk Retention Act, 15 U.S.C. section 3901 et seq. (1982 and Supp. 1986), and chapter 431K;

     (2)  All residual market pools and joint underwriting authorities or associations; and

     (3)  Captive insurers as defined in section 431:19-101.

     "Producer" means any person, firm, association, or corporation licensed pursuant to article 9A, when, for any compensation, commission, or other thing of value, the person, firm, association, or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association, or corporation. [L 1992, c 176, pt of §1; am L 2002, c 155, §78; am L 2003, c 212, §99]