(a) A purchasing group that intends to do business 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-7.1

  • Commissioner: means the insurance commissioner of this State. See Hawaii Revised Statutes 431K-1
  • Purchasing group: means any group which:

    (1) Has as one of its purposes the purchase of liability insurance on a group basis;

    (2) Purchases this insurance only for its group members and only to cover their similar or related liability exposure, as described in [paragraph (3)];

    (3) Is composed of members whose businesses or activities are similar or related with respect to the liability to which members are exposed by virtue of any related, similar, or common business, trade, product, services, premises, or operations; and

    (4) Is domiciled in any state. 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 August 16 of the year in which payment is due, 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 purchasing group and may not reinstate the registration until the service fee and the penalty have been paid.

  Previous
Next  
 Chapter 431K Contents