(a) This article applies to all persons doing an insurance business in this State unless specifically exempted under subsection (b).
Terms Used In Hawaii Revised Statutes 431:11-101
Insurance holding company system: consists of two or more affiliated persons, one or more of which is an insurer. See Hawaii Revised Statutes 431:11-102
Person: means an individual, a corporation, a limited liability company, a partnership, an association, a joint stock company, a trust, an unincorporated organization, and any similar entity or any combination of the foregoing acting in concert, but shall not include any joint venture partnership exclusively engaged in owning, managing, leasing, or developing real or tangible personal property, or a securities broker performing only the usual and customary broker's function. See Hawaii Revised Statutes 431:11-102
(b) The commissioner may exempt:
(1) Any insurer or class of insurers from any provision of this article, when the commissioner deems the exemption consistent with the purposes of this article and in the public interest; or(2) Upon request of the person required to supply information or perform an act, that person from any provision of this article, when the commissioner deems the exception consistent with the purposes of this article and in the public interest.(c) The purposes of this article include:
(1) Exercising surveillance over the acquisition of a domestic insurer, to ensure that in the process of making it part of an insurance holding company system, the interests of policyholders, shareholders, and the public are not harmed;(2) Providing the regulatory monitoring of those intercorporate relationships and transactions among affiliates within an insurance holding company system that may affect the solidity of insurers;(3) Controlling the payment of dividends that might affect the solidity of insurers; and(4) Providing, in appropriate cases, recoupment of dividends paid.
