Hawaii Administrative Rules
Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
Chapter 17 - CAPTIVE INSURANCE COMPANIES
Section 16-17-11 - Additional deposit requirement

Universal Citation: HI Admin Rules 16-17-11

Current through November, 2023

(a) Whenever the commissioner deems the financial condition or change in business plan of a captive warrants additional security, the commissioner may require the captive to deposit with the commissioner, in trust for the captive, cash, securities approved by the commissioner, or an irrevocable letter of credit issued by a bank chartered by the State of Hawaii or a member bank of the Federal Reserve System.

(b) The commissioner shall return the captive insurance company's deposit or letter of credit if the captive ceases doing any business, provided the commissioner is satisfied that all obligations of the company have been discharged.

[Eff 5/13/91; am and comp 3/12/01] (Auth: HRS §§ 431:19-114, 431:19-115) (Imp: HRS §§ 431:19-104, 431:19-105, 431:19-115)

Am and comp 8/17/2019

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