(a) The commissioner shall:

Terms Used In Hawaii Revised Statutes 431:16-110

  • Association: means the Hawaii insurance guaranty association created under § 431:16-106. See Hawaii Revised Statutes 431:16-105
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Insolvent insurer: means an insurer licensed to transact insurance in this State, either at the time the policy was issued or when the insured event occurred, and against whom a final order of liquidation has been entered after May 16, 2000 with a finding of insolvency by a court of competent jurisdiction in the insurer's state of domicile. See Hawaii Revised Statutes 431:16-105
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Member insurer: means any person who:

    (1) Writes any kind of insurance to which this part applies under § 431:16-103, including the exchange of reciprocal or inter-insurance contracts; and

    (2) Is licensed to transact insurance in this State. See Hawaii Revised Statutes 431:16-105

  • month: means a calendar month; and the word "year" a calendar year. See Hawaii Revised Statutes 1-20
  • Net direct written premiums: means direct gross premiums written in this State on insurance policies to which this part applies, including policy and membership fees, less the following amounts:

    (1) Return premiums;

    (2) Premiums on policies not taken; and

    (3) Dividends paid or credited to policyholders on such direct business. See Hawaii Revised Statutes 431:16-105

(1) Notify the association of the existence of an insolvent insurer not later than three days after the commissioner receives notice of the determination of the insolvency. The association shall be entitled to a copy of a complaint seeking an order of liquidation with a finding of insolvency against a member company at the same time that the complaint is filed with a court of competent jurisdiction.
(2) Upon request of the board of directors, provide the association with a statement of the net direct written premiums of each member insurer.
(b) The commissioner may:

(1) Require that the association notify the insureds of the insolvent insurer and any other interested parties of the determination of insolvency and of their rights under this part. The notification shall be by mail at their last known address, where available, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation shall be sufficient.
(2) Suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this State of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may levy a fine on any member insurer which fails to pay an assessment when due. The fine shall not exceed five per cent of the unpaid assessment per month, except that no fine shall be less than $100 per month.
(3) Revoke the designation of any servicing facility if the commissioner finds claims are being handled unsatisfactorily.
(c) Any final action or order of the commissioner under this part shall be subject to judicial review by the circuit court of the first judicial circuit.

  Previous
Next  
 Part I Contents