Terms Used In Hawaii Revised Statutes 431:15-309

• 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.
• insolvent: means :
  (1) For an insurer issuing only assessable fire insurance policies:

  (A) The inability to pay any obligation within thirty days after it becomes payable; or

  (B) If an assessment be made within thirty days after such date, the inability to pay such obligation thirty days following the date specified in the first assessment notice issued after the date of loss pursuant to this code;
  (2) For any other insurer, that it is unable to pay its obligations when they are due, or when its admitted assets do not exceed its liabilities plus the greater of:

  (A) Any capital and surplus required by law for its organization; or

  (B) The total par or stated value of its authorized and issued capital stock; and
  (3) As to any insurer licensed to do business in this State as of July 1, 1988, who does not meet the standard established under subparagraph (B), the term insolvency or insolvent shall mean, for a period not to exceed three years from July 1, 1988, that it is unable to pay its obligations when they are due or that its admitted assets do not exceed its liabilities plus any required capital contribution ordered by the commissioner under provisions of this code. See Hawaii Revised Statutes 431:15-103
• Insurer: means any person who has done, purports to do, is doing or is licensed to do an insurance business, and is or has been subject to the authority of, or to liquidation, rehabilitation, reorganization, supervision, or conservation by any insurance commissioner. See Hawaii Revised Statutes 431:15-103
• State: means any state, district, or territory of the United States and the Panama Canal Zone. See Hawaii Revised Statutes 431:15-103