(a) Except as otherwise provided in this section, all nonpublic information in a captive insurance company’s application for licensure, its business plan, or of its parent or the parent’s member organizations, and all other nonpublic information disclosed to the commissioner pursuant to this article, shall be given confidential treatment and shall not be made public by the commissioner.

Terms Used In Hawaii Revised Statutes 431:19-101.2

  • 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.
  • 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.
  • Parent: means a corporation, limited liability company, partnership, other entity, or individual, that directly or indirectly owns, controls, or holds with power to vote more than fifty per cent of the outstanding voting interests of a pure captive insurance company organized as a stock corporation, nonprofit corporation, or limited liability company. See Hawaii Revised Statutes 431:19-101
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(b) If the commissioner determines that the interest of the policyholders, shareholders, or the public will be served by making the information public, then after giving the captive insurance company and its parent or the parent’s member organizations that would be affected thereby, three days written notice of intent, and unless otherwise contrary to law, the commissioner may make public all or any part of the nonpublic information in a manner that the commissioner deems appropriate; provided that the commissioner may disclose nonpublic information to courts of competent jurisdiction, and insurance departments or regulatory agencies of other competent jurisdictions without prior notification to the person to whom the information pertains.
(c) This section shall not apply to risk retention captive insurance companies. The confidentiality provisions of § 431:2-209 shall apply to risk retention captive insurance companies.
(d) For purposes of this section:

“Equity securities” means:

(1) A share in a corporation, whether or not transferable or denominated a “stock”, or similar security evidencing an ownership interest in the person;
(2) The interest of a limited partner in a limited partnership;
(3) The interest of a partner in a partnership, including a joint venture; or
(4) A warrant or right, other than a right to convert, to purchase, sell, or subscribe to a share, security, or interest of a kind specified in paragraph (1), (2), or (3).

“Nonpublic information” means information that, prior to disclosure to the commissioner pursuant to this article is, or was:

(1) Not a public record as defined in rule 1001(5) of § 626-1; or
(2) Not a government record that must be disclosed under § 92F-12;

provided that in the case of a person whose equity securities are collectively owned and held by thirty-six or more persons, “nonpublic information” does not include financial information disclosed to owners and holders of equity securities.

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