A licensed escrow depository shall at all times either:

(1) Maintain a policy of errors and omissions insurance executed by an insurer authorized to do business in the State in an amount not less than $250,000; provided that any policy which is subject to a deductible thereunder in excess of $100,000, per occurrence, shall require the prior approval of the commissioner, who may take into consideration, among other factors, the amount of the proposed coverage; or

Terms Used In Hawaii Revised Statutes 449-12

(2) Deposit an equivalent amount of cash or other security device under such terms and conditions as are acceptable to the commissioner.

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