§431:14A-119 - Discontinuation of assigned risks. - Hawaii Statutes

     [§431:14A-119]  Discontinuation of assigned risks.  (a)  Assigned risk coverage, as authorized by section 431:14-116, is discontinued effective December 31, 1996, or the date the company writes its first policy, whichever date is later, except for dissolution of any obligations for claims arising out of any policies written pursuant to section 431:14-116 with inception dates on or before December 31, 1996, or the date the company writes its first policy, whichever date is later.  It is the intent of this section to provide for an orderly transfer of assigned risks as authorized by section 431:14-116 to the company.

     (b)  Assigned risk coverage, as authorized under section 431:14-116 shall continue operation for all policies with inception dates of or before December 31, 1996, or the date the company writes its first policy, whichever date is later.  All policies written thereunder shall be for one-year terms, and shall not be terminated prior to expiration except for cause.  In no case shall policies with inception dates of January 1, 1997, or the date the company writes its first policy, whichever date is later, be provided for assigned risks authorized by section 431:14-116. [L 1996, c 261, pt of §2]

 

Note

 

  For contingent repeal, see L 1996, c 261, §10.