(a) Except as provided in section 431:9A-112, a person who has met the requirements of §§ 431:9A-105 and 431:9A-106 shall be issued an insurance producer license. An insurance producer may receive a license in one or more of the following lines of authority:

Terms Used In Hawaii Revised Statutes 431:9A-107

  • 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.
  • Assumed name: means any fictitious, alias, maiden, or trade name used in the past

    ""Business entity" means an association, corporation, limited liability company, limited liability partnership, partnership, or other legal entity. See Hawaii Revised Statutes 431:9A-102

  • Commissioner: means the insurance commissioner. See Hawaii Revised Statutes 431:9A-102
  • Contract: A legal written agreement that becomes binding when signed.
  • Inactive: means that the authority of a license issued by the commissioner is not in effect. See Hawaii Revised Statutes 431:9A-102
  • Individual: means a natural person. 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
  • Licensee: means any type of insurance producer or producer. See Hawaii Revised Statutes 431:9A-102
  • Limited line credit insurance: includes credit life, credit disability, credit property, credit unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage disability, guaranteed automobile protection ("gap") insurance, and any other form of insurance offered in connection with an extension of credit, that is limited to partially or wholly extinguishing that credit obligation that the commissioner determines should be designated a form of limited line of credit insurance. See Hawaii Revised Statutes 431:9A-102
  • Line of insurance: means an insurance product, contract, or policy designed to cover specified risks that fall within one or more of the classes or types of insurance as defined in §§ 431:1-204 to 431:1-211, the lines of authority defined in section 431:9A-107(a), or any other section of this code. See Hawaii Revised Statutes 431:9A-102
  • Personal property: All property that is not real property.
  • 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
  • Trade name: means any name used by an insurance producer to solicit insurance business in this State if the true legal name of an individual or a business entity cannot be used. See Hawaii Revised Statutes 431:9A-102
(1) Life: insurance coverage on human lives, including benefits of endowment and annuities, benefits in the event of death or dismemberment by accident, and benefits for disability income;
(2) Accident and health or sickness: insurance coverage for sickness, bodily injury, or accidental death and benefits for disability income;
(3) Property: insurance coverage for the direct or consequential loss or damage to property of every kind;
(4) Casualty: insurance coverage against legal liability, including that for death, injury, or disability or damage to real or personal property;
(5) Variable life and variable annuity products: insurance coverage provided under variable life insurance contracts and variable annuities;
(6) Personal: property and casualty insurance coverage sold to individuals and families for primarily noncommercial purposes;
(7) Credit: limited line credit insurance; or
(8) Any other line of insurance permitted under state law or rule.
(b) Except as provided in section 431:9A-112, an insurance producer license shall remain in effect so long as the fee set forth in § 431:7-101 is paid and the educational requirements for resident individual producers are timely met.
(c) An insurance producer who allows the producer’s license to become inactive for nonpayment of the renewal fee may reinstate that license without the necessity of passing a written examination, if the fee payable and a penalty in the amount of double the then-unpaid renewal fees are paid within twelve months from the inactivation date and the producer is in compliance with all the requirements of chapter 431.
(d) A licensed insurance producer who is unable to comply with license renewal procedures due to military service or an extenuating circumstance as determined by the commissioner may request a waiver of those procedures. The producer also may request a waiver of any examination requirement or any other fine or sanction imposed for failure to comply with renewal procedures.
(e) The license shall contain the licensee‘s name, address, personal identification number, and the date of issuance, the lines of authority, the expiration date, and any other information the commissioner deems necessary.
(f) A licensee shall:

(1) Inform the commissioner by any means acceptable to the commissioner of any change of status within thirty days of the change; and
(2) Report any change of status to the business registration division if the licensee is a business entity registered with the department of commerce and consumer affairs pursuant to title 23 or title 23A, or if the licensee has registered a trade name pursuant to part II of chapter 482.

Failure to timely inform the commissioner or the business registration division of a change of status may result in a penalty pursuant to § 431:2-203.

As used in this subsection, “change of status” includes but shall not be limited to change of legal name, assumed name, trade name, business address, home address, mailing address, business phone number, business fax number, business electronic mail address, or business website address.

(g) In order to assist in the performance of the commissioner’s duties, the commissioner may contract with nongovernmental entities, including the National Association of Insurance Commissioners or any affiliates or subsidiaries that the National Association of Insurance Commissioners oversees, to perform any ministerial functions, including the collection of fees, related to producer licensing as agreed upon by the commissioner and the nongovernmental entity.

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