(a) No person forming or proposing to form in this State any of the following shall advertise, solicit or receive any funds, agreement, stock subscription or membership on account thereof, unless the person has applied for and has received from the commissioner a solicitation permit:

Terms Used In Hawaii Revised Statutes 431:4-107

  • 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.
(1) An insurer,
(2) An insurance holding corporation,
(3) A stock corporation to finance an insurer or insurance production, or
(4) A corporation to manage an insurer.
(b) Any person violating this section shall be fined not more than $10,000 or imprisoned not more than ten years, or both.

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