To apply for a solicitation permit a person shall:

(1) File with the commissioner a request showing:

Terms Used In Hawaii Revised Statutes 431:4-108

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
(A) Name, type and purpose of insurer or corporation proposed to be formed;
(B) Names, addresses and business records of each person associated or to be associated with in the formation of the proposed insurer or corporation;
(C) Full disclosure of the terms of all understandings and agreements existing or proposed among persons so associated relative to the proposed insurer or corporation or the formation thereof;
(D) The plan according to which solicitations are to be made;
(E) Such additional information as the commissioner may reasonably require.
(2) File with the commissioner:

(A)

(i) The articles of incorporation, or
(ii) The proposed subscribers’ agreement and power of attorney, if the proposed insurer is a reciprocal;
(B) Original and one copy of any proposed bylaws;
(C) Copy of any security proposed to be issued and copy of application or subscription agreement therefor;
(D) Copy of any insurance contract proposed to be offered and copy of application therefor;
(E) Copy of any prospectus, advertising or literature proposed to be used;
(F) Copy of proposed form of any escrow agreement required.
(3) Deposit with the commissioner the appropriate fees required by this code.

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