Hawaii Revised Statutes 431:11A-101 – Definitions
Terms Used In Hawaii Revised Statutes 431:11A-101
- 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.
For purposes of this article:
“Accredited state” means a state in which the insurance department or regulatory agency meets the minimum financial regulatory standards promulgated from time to time by the National Association of Insurance Commissioners.
“Control” has the meaning ascribed in § 431:11-102.
“Controlled insurer” means a licensed insurer which is controlled, directly or indirectly, by a producer.
“Controlling producer” means a producer who, directly or indirectly, controls an insurer.
“Licensed insurer” or “insurer” means any person, firm, association, or corporation duly licensed to transact a property or casualty insurance business in this State. The following are not licensed insurers for the purposes of this article:
(1) All residual market pools and joint underwriting authorities or associations; and
(2) Captive insurance companies as defined in § 431:19-101, other than risk retention captive insurance companies.
“Producer” means any person, firm, association, or corporation licensed pursuant to article 9A, when, for any compensation, commission, or other thing of value, the person, firm, association, or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association, or corporation.