(a) The commissioner may establish a separate fund designated as the captive insurance administrative fund to be expended by the commissioner to carry out the commissioner’s duties and obligations under this article.
Terms Used In Hawaii Revised Statutes 431:19-101.8
Contract: A legal written agreement that becomes binding when signed.
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(b) All moneys collected pursuant to this article, including premium taxes from captive insurance companies licensed in this State under this article, all captive insurance company application fees, annual license fees, and examination fees, shall be credited to the captive insurance administrative fund.(c) Up to ten per cent of the total moneys credited to the fund in the prior fiscal year may be used for purposes of promoting Hawaii as a captive insurance domicile. Disbursements for promotional activities from the fund shall be subject to the approval of the director of commerce and consumer affairs.(d) Sums from the fund expended by the commissioner shall be used to defray any administrative costs, including personnel costs associated with the captive programs of the insurance division, and costs incurred by supporting offices, branches, divisions, and departments. Notwithstanding any law to the contrary, the commissioner may use the moneys in the fund to employ or retain, by contract or otherwise and without regard to chapter 76, hearings officers, attorneys, investigators, accountants, examiners, and other necessary professional, technical, and support personnel to implement and carry out the purposes of this article; provided that any position, except any attorney position, that is subject to chapter 76 prior to July 1, 1999, shall remain subject to chapter 76.(e) Moneys deposited by the commissioner in the fund shall not revert to the general fund.
