(a) The commissioner shall expeditiously examine the application for a solicitation permit and make any investigation relative thereto deemed necessary.
Terms Used In Hawaii Revised Statutes 431:4-109
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.
Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
(b) The commissioner shall give notice to the applicant that the commissioner will issue a solicitation permit, stating the terms to be contained therein, if the commissioner finds:
(1) The application is complete;(2) The documents therewith filed are equitable in terms and proper in form;(3) The agreements made or proposed are equitable to present and future shareholders, subscribers, members, or policyholders; and(4) None of the persons named in the application as being associated or to be associated with the formation of the insurer or corporation is untrustworthy.(c) After such notice, the commissioner shall issue to the applicant a solicitation permit upon the applicant’s filing of the following:
(1) The bond required by § 431:4-110; and(2) The articles of incorporation of the incorporated insurer or other corporation with the department of commerce and consumer affairs and upon presentation of evidence of such filing to the commissioner.(d) If the commissioner denies the application for a solicitation permit, the commissioner shall give notice to the applicant that the permit will not be granted, state the grounds therefor, and refund to the applicant all sums so deposited except the application fee.
