(a) For the purpose of ascertaining the fund‘s condition or compliance with this chapter, the commissioner shall examine the accounts, records, documents, and transactions of the fund at least once every three years commencing at the time the fund starts issuing policies of hurricane property insurance or more often if the commissioner deems advisable. The fund shall pay all reasonable and actually incurred expenses of the examination in accordance with section 431:2-306(b); provided that a detailed estimate of the expenses to be incurred shall be approved by the board prior to the examination. In the event the actual expenses incurred are in excess of ten per cent of the estimate, the commissioner shall communicate in writing to the board the reason for the excess expenses.

Terms Used In Hawaii Revised Statutes 431P-9

  • Board: means the board of directors of the Hawaii hurricane relief fund. See Hawaii Revised Statutes 431P-1
  • Commissioner: means the insurance commissioner as defined in § 431:2-102. See Hawaii Revised Statutes 431P-1
  • Fund: means the Hawaii hurricane relief fund established by this chapter. See Hawaii Revised Statutes 431P-1
  • Hurricane: means a storm that has been declared and defined by the Central Pacific Hurricane Center of the National Weather Service to be a hurricane. See Hawaii Revised Statutes 431P-1
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Property insurance: means policies, riders, or endorsements of insurance that provide indemnity, in whole or in part, for the loss, destruction, or damage of eligible property. See Hawaii Revised Statutes 431P-1
  • Servicing facility: means any insurer engaged in writing direct property insurance in this State and licensed in this State, and any other party authorized to act in like capacity on behalf of the fund. See Hawaii Revised Statutes 431P-1
(b) The commissioner may exercise all of the commissioner’s powers provided by law in the supervision and regulation of the fund, any servicing facility, and any other person or entity subject to the jurisdiction of the commissioner.

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