Hawaii Revised Statutes 431:4F-108 – Authority of commissioner
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Terms Used In Hawaii Revised Statutes 431:4F-108
- Trusteed surplus: means the aggregate value of the insurer's general state deposits and trusteed assets deposited with a trustee in compliance with § 431:4F-105, plus accrued investment income thereon where such interest is collected by the states for trustees, less the aggregate net amount of all of the insurer's reserves and other liabilities in the United States as determined in accordance with § 431:4F-106. See Hawaii Revised Statutes 431:4F-101
- United States branch: means the business unit through which business is transacted within the United States by an alien insurer and the assets and liabilities of the insurer within the United States pertaining to such business. See Hawaii Revised Statutes 431:4F-101
Whenever it appears to the commissioner from any annual statement, quarterly statement, trusteed surplus statement, or any other report that a United States branch‘s trusteed surplus is reduced below minimum capital and surplus or the authorized control level risk-based capital, whichever is greater, required to be maintained by a domestic insurer licensed to transact the same kinds of insurance, the commissioner may proceed against the insurer pursuant to articles 5 and 15 as an insurer whose condition is such that its further transaction of business in the United States will be hazardous to its policyholders, its creditors, or the public in the United States.