(a) All funds received pursuant to a solicitation permit shall be deposited and held in escrow in a bank or trust company under an agreement approved by the commissioner. No part of any such deposit shall be withdrawn except:
Terms Used In Hawaii Revised Statutes 431:4-115
Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
Escrow: Money given to a third party to be held for payment until certain conditions are met.
(1) For the payment of promotion and organization expenses as authorized by the solicitation permit;(2) For the purpose of making any deposit with the commissioner required for the issuance of a certificate of authority to an insurer;(3) Upon completion of payments on stock subscriptions made under the solicitation permit and deposit or appropriation of such funds for the purposes specified in the solicitation permit, if the proposed organization is not to be an insurer; or(4) For making of refunds as provided in § 431:4-119.(b) When the commissioner has issued a certificate of authority to an insurer, any such funds remaining in escrow for its account shall be released to the insurer.
