Terms Used In Hawaii Revised Statutes 431:9A-103

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Class: means the general categories of insurance, as set forth in §§ 431:1-204 to 431:1-210, in which insurers may be authorized to transact the business of insurance. See Hawaii Revised Statutes 431:9A-102
  • License: means a document issued by the commissioner authorizing a person to act as an insurance producer for the lines of authority specified in the document. See Hawaii Revised Statutes 431:9A-102
  • Limited lines insurance: means those lines of insurance a producer may be licensed to sell pursuant to § 431:9A-107. See Hawaii Revised Statutes 431:9A-102
  • Line of authority: means a category of insurance products, as set forth in § 431:9A-107(a), which an insurance producer may be licensed to sell pursuant to this article. See Hawaii Revised Statutes 431:9A-102
  • Negotiate: means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms, or conditions of the contract; provided that the person engaged in the act either sells insurance or obtains insurance from insurers for producers. See Hawaii Revised Statutes 431:9A-102
  • producer: means a person required to be licensed under the laws of this State to sell, solicit, or negotiate insurance. See Hawaii Revised Statutes 431:9A-102
  • Sell: means to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurance company. See Hawaii Revised Statutes 431:9A-102
  • Solicit: means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular company. See Hawaii Revised Statutes 431:9A-102

     §431:9A-103  License required.  (a)  A person shall not sell, solicit, or negotiate insurance in this State for any line, class, or classes of insurance unless the person is licensed for the proper line of authority or class in accordance with this article.

     (b)  The proper line of authority for which a producer is required to be licensed relative to sale, solicitation, or negotiation of any class or type of insurance set forth in §§ 431:1-204 to 431:1-211 is set forth in the following table:

 

     Class     Required Line of Authority

     Life     Life

     Accident and Health or     Accident and Health or

       Sickness                        Sickness

     Property     Property

     Marine and Transportation     Casualty and Property

     Vehicle     Casualty and Property

     General Casualty     Casualty

     Surety     Surety

     Title     Title

     (c)  Sale, solicitation, or negotiation of variable life and variable annuity products requires licensing in the variable life and variable annuity products line of authority.

     (d)  Sale, solicitation, or negotiation of personal lines insurance requires licensing in the personal lines line of authority or the property and casualty lines of authority.

     (e)  Sale, solicitation, or negotiation of limited lines insurance, including limited line credit and limited line travel insurance, is permitted pursuant to § 431:9A-107.5.