(a) A risk retention group chartered in states other than this State and seeking to do business as a risk retention group in this State shall pay an initial registration fee of $300 to the commissioner and shall thereafter pay annually a service fee of $150 on or before the extension date of the certificate of authority, as established pursuant to section 431:3-214. The commissioner may, upon showing of good cause, waive or modify, in whole or part, all fees in this subsection by order.

Terms Used In Hawaii Revised Statutes 431K-3.5

  • Commissioner: means the insurance commissioner of this State. See Hawaii Revised Statutes 431K-1
  • Risk retention group: means any corporation or other limited liability association formed under the laws of any state, Bermuda, or the Cayman Islands:

    (1) Whose primary activity consists of assuming and spreading all, or any portion, of the liability exposure of its group members;

    (2) Which is organized for the primary purpose of conducting the activity described under paragraph (1);

    (3) Which:

    (A) Is chartered and licensed as a liability insurance company and authorized to engage in the business of insurance under the laws of any state; or

    (B) Before January 1, 1985, was chartered or licensed and authorized to engage in the business of insurance under the laws of Bermuda or the Cayman Islands and, before this date, had certified to the insurance commissioner of at least one state that it satisfied the capitalization requirements of that state, except that any group shall be considered to be a risk retention group only if the group has been engaged in business continuously since this date and only for the purpose of continuing to provide insurance to cover product liability or completed operations liability, as defined in the Product Liability Risk Retention Act of 1981, 15 U. See Hawaii Revised Statutes 431K-1

  • State: means any state of the United States or the District of Columbia. See Hawaii Revised Statutes 431K-1
(b) If the service fee is not paid on or before the extension date, a penalty shall be imposed in the amount of fifty per cent of the service fee. The commissioner shall provide written notice of the delinquency of payment and the imposition of the authorized penalty. If the service fee and the penalty are not paid within thirty days immediately following the date of the notice of delinquency, the commissioner may revoke the registration of the risk retention group and may not reinstate the registration until the service fee and the penalty have been paid.

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