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Can you summarize HIRS Chapter 431, Article 3?
Insurance Code > INSURERS GENERAL REQUIREMENTS
Short Summary
The provided legal document content pertains to the general requirements for insurers. It defines various terms such as alien insurer, capital funds, charter, domestic insurer, foreign insurer, mutual insurer, reciprocal insurance, reciprocal insurer, and reinsurance. It explains that an alien insurer is one formed under the laws of a nation other than the United States, while a domestic insurer is formed under the laws of the state. A foreign insurer is formed under the laws of any state other than the state in question. A mutual insurer is an incorporated insurer without capital stock, and its governing body is elected by its policyholders who are known as members. Reciprocal insurance refers to insurance resulting from the exchange of insurance contracts among subscribers of an unincorporated association. A reciprocal insurer is an unincorporated aggregation of subscribers operating through an attorney-in-fact to provide reciprocal insurance. Reinsurance is defined as an insurance transaction where an insurer transfers a portion of the risk it has assumed to another insurer. The document also mentions that third party liability coverage provided to the state is considered insurance, not reinsurance, according to an Attorney General Opinion. Additionally, it states that a stock insurer is an incorporated insurer with capital stock divided into shares owned by stockholders who receive dividends on their shares. The document does not specify any exemptions or penalties related to these general requirements for insurers.
Whom does it apply to?
Insurers seeking to transact insurance business in the state of Hawaii
What does it govern?
General requirements for insurers
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Hawaii