(a) An alien insurer may use this State as a state of entry to transact insurance in the United States through a United States branch by:
Terms Used In Hawaii Revised Statutes 431:4F-103
United States branch: means the business unit through which business is transacted within the United States by an alien insurer and the assets and liabilities of the insurer within the United States pertaining to such business. See Hawaii Revised Statutes 431:4F-101
(1) Qualifying as an insurer licensed to do business in this State; and(2) Establishing trust accounts, pursuant to trust agreements approved by the commissioner with a United States financial institution approved by the commissioner, in an amount at least equal to the minimum capital and surplus or authorized control level risk-based capital, whichever is greater, required to be maintained by a domestic insurer licensed for the same kind of insurance.(b) Before authorizing the entry of a United States branch of any alien insurer through this State, the commissioner shall in addition to the requirements of § 431:4F-105 and any other requirement of this chapter, require the alien insurer to:
(1) Comply with the requirements of § 431:3-212;(2) Submit an English language translation, as necessary, of any of the documents required in paragraph (1); and(3) Submit to an examination of the insurer’s affairs at its principal office within the United States.
