Premium taxes and taxes on premiums paid for coverage of risks resident or located in this State by a purchasing group or any members of the purchasing group shall be:

(1) Imposed at the same rate and subject to the same interest, fines, and penalties as that applicable to premium taxes and taxes on premiums paid for similar coverage from a similar insurance source by other insurers; and

Terms Used In Hawaii Revised Statutes 431K-7.5

  • Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws 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
(2) Paid first by that insurance source, and if not by that source, then by the producer for the purchasing group, and if not by that producer, then by the purchasing group, and if not by that purchasing group, then by each of its members.

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