Hawaii Revised Statutes 431:19-304 – Qualification of sponsors
Terms Used In Hawaii Revised Statutes 431:19-304
- Sponsor: means any entity that meets the requirements of § 431:19-304 and is approved by the commissioner to provide all or part of the minimum required capital and surplus of a sponsored captive insurance company and to organize and operate a sponsored captive insurance company. See Hawaii Revised Statutes 431:19-101
- 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
A sponsor of a sponsored captive insurance company shall be an insurer licensed under laws of any state, a reinsurer authorized or approved under the laws of any state, a captive insurance company formed or licensed under this article, or any other person, company, or organization approved by the commissioner in the exercise of the commissioner’s discretion, after finding that the approval of that person, company, or organization as a sponsor is not inconsistent with the purposes of this article. A risk retention group shall not be a sponsor of a sponsored captive insurance company.