(a) One or more sponsors may form a sponsored captive insurance company under this part. In addition to the general provisions of this article, the provisions of this part shall apply to sponsored captive insurance companies.

Terms Used In Hawaii Revised Statutes 431:19-301

  • 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.
  • Sponsored captive insurance company: means a captive insurance company:

    (1) In which the minimum required capital and surplus is provided by one or more sponsors;

    (2) That is formed or licensed under this article;

    (3) That insures the risks only of its participants through separate participant contracts; and

    (4) That may fund its liability to each participant through one or more protected cells. See Hawaii Revised Statutes 431:19-101

(b) A sponsored captive insurance company shall be incorporated as a stock insurer with its capital divided into shares and held by the stockholders, as a nonprofit corporation with one or more members, or as a member-managed or manager-managed limited liability company.

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