Hawaii Revised Statutes 431:9C-101 – Definitions
Terms Used In Hawaii Revised Statutes 431:9C-101
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
For purposes of this article:
“Actuary” means a person who is a member in good standing of the American Academy of Actuaries.
“Insurer” means any person, firm, association, or corporation duly licensed in this State as an insurance company pursuant to § 431:3-201.
“Managing general agent” means any person, firm, association, or corporation that manages all or part of the insurance business of an insurer including the management of a separate division, department, or underwriting office and acts as an agent for the insurer regardless of whether the person, firm, association, or corporation is known as a managing general agent, manager, or similar term and who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or more than five per cent of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year and adjusts or pays claims in excess of $10,000 or negotiates reinsurance on behalf of the insurer. Notwithstanding the specified requirements, the following persons shall not be considered managing general agents for purposes of this article:
(1) An employee of the insurer;
(2) A United States manager of the United States branch of an alien insurer;
(3) An underwriting manager who, pursuant to contract, manages all the insurance operations of the insurer, is under common control with the insurer subject to article 11, and whose compensation is not based on the volume of premiums written;
(4) The attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or inter-insurance exchange under a power of attorney; and
(5) Any person, firm, association, or corporation domiciled in the State, authorized to do business only in the State, and acting as a managing general agent for an insurer licensed and conducting business only in the State.
“Producer” has the same meaning as in § 431:9A-102.
“Underwrite” means the authority to accept or reject risk on behalf of the insurer.