(a) If an acquisition violates the competitive standards of section 431:11-104.4, the commissioner may enter an order:
Terms Used In Hawaii Revised Statutes 431:11-104.5
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
(1) Requiring an involved insurer to cease and desist from doing business in this State with respect to the line or lines of insurance involved in the violation; or(2) Denying the application of an acquired or acquiring insurer for a license to do business in this State.(b) Such an order shall not be entered unless there is a hearing, notice of such hearing is issued before the end of the waiting period and not less than fifteen days before the hearing, and the hearing is concluded and the order is issued no later than sixty days after the end of the waiting period. Every order shall be accompanied by a written decision of the commissioner setting forth the commissioner’s findings of fact and conclusions of law.(c) An order entered under this section shall not become final earlier than thirty days after it is issued, during which time an involved insurer may submit a plan to remedy the anticompetitive impact of the acquisition within a reasonable time. Based upon the plan or other information, the commissioner shall specify the conditions, if any, and the time period during which the aspects of the acquisition causing a violation of the competitive standards of section 431:11-104.4 must be remedied, and may vacate or modify the order to set forth those conditions.(d) Any order issued pursuant to this section shall be void if the acquisition is never consummated.(e) Any person who violates a cease and desist order of the commissioner under subsection (a) while the order is in effect, upon order of the commissioner after notice and hearing, may be subject to one or both of the following:
(1) A fine of not more than $10,000 for every day of violation; and(2) Suspension or revocation of the person’s license.(f) Any insurer or other person who fails to make any filing required by this section or sections 431:11-104.2 and 431:11-104.3, and who also fails to demonstrate a good faith effort to comply with any such filing requirement, shall be subject to a fine of not more than $50,000.
