Hawaii Revised Statutes 431:9A-123 – Records of insurance producer

(a) Every insurance producer shall keep a record of all transactions consummated under the producer’s license. The record required by this section shall be in a form organized according to class of insurance and shall include:

Terms Used In Hawaii Revised Statutes 431:9A-123

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
Commissioner: means the insurance commissioner. See Hawaii Revised Statutes 431:9A-102
Contract: A legal written agreement that becomes binding when signed.
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
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

(1) A record of each insurance contract procured or issued, together with the names of the insurers and insureds, the amount of premium paid or to be paid or the basis of the premium or consideration paid or to be paid, and a statement of the subject of the insurance; and

(2) Other and additional information as shall be customary, or as may reasonably be required by the commissioner.

(b) All the records as to any particular transaction shall be kept in the licensee‘s office and shall be available and open to the inspection of the commissioner during business hours during the five years immediately after the date of the completion of the transaction.

(c) This section shall not apply to life or accident and health or sickness insurance if the records required of the insurance are customarily maintained in the offices of the insurer.

(d) This section shall not apply to motor vehicle or homeowners insurance if the records required of the insurance are maintained electronically, accessible by the producer, and available within one business day.

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Hawaii Revised Statutes 431:9A-123 – Records of insurance producer

Terms Used In Hawaii Revised Statutes 431:9A-123

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