Hawaii Revised Statutes 431:6-101 – Definitions pertaining to investments
“Cash” includes cash equivalents.
“Cash equivalents” means highly-rated and highly-liquid investments or securities with a remaining term of ninety days or less and rated in the highest short-term category by a nationally recognized statistical rating organization recognized by the SVO. Cash equivalents include government money market mutual funds defined by the Purposes and Procedures Manual of the SVO, or its successor publication.
“Fixed charges” means interest on funded and unfunded debt, amortization of debt discount, and rentals for leased properties.
“Institution” means corporations, joint-stock associations, and business trusts.
“Net earnings available for fixed charges” means net income after deducting operating and maintenance expenses, taxes other than federal and state income taxes, depreciation, and depletion, but excluding extraordinary nonrecurring items of income or expense appearing in the regular financial statements of such institution.
“Obligation” means bonds, debentures, notes, or other evidence of indebtedness.
“Surplus as regards to policyholders” means the excess of the insurer’s admitted assets over its liabilities.
“SVO” means the Securities Valuation Office of the National Association of Insurance Commissioners.
“Value” means fair value. Market value is the best evidence of fair value.
Terms Used In Hawaii Revised Statutes 431:6-101
- Amortization: Paying off a loan by regular installments.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Except that if the minority common stock interest in the subsidiary corporation is substantial, the fixed charges and preferred dividends may be apportioned in accordance with regulations prescribed by the commissioner.