§431:3-205 Funds required of new insurers. Subject to section 431:3-203(a)(2), to qualify to transact any one class of insurance, an insurer, not existing and authorized in this State on July 1, 1988, shall: (1) Deposit in a federally insured financial institution within the State, paid-up capital stock in the case of a stock insurer, or unimpaired surplus if: (A) A reciprocal insurer; or (B) A mutual insurer that does not seek to qualify upon the basis of applications and premiums collected as provided in sections 431:4-303 to 431:4-307, in an amount not less than shown in the applicable Schedule 'A'; (2) Maintain this deposit at all times while the insurer is licensed and transacting insurance in this State; and (3) Secure the approval of the commissioner before making withdrawals from the depository. Schedule 'A' Class of Insurance Amount Required Life $ 600,000 Accident and Health or Sickness 450,000 Property 750,000 Marine and Transportation 1,000,000 Vehicle 1,000,000 General Casualty 1,500,000 Surety 1,000,000 Title 400,000. [L 1987, c 347, pt of §2 as superseded by c 348, §2; am L 1989, c 195, §13; am L 2003, c 212, §20; am L 2018, c 18, §24]
Hawaii Legal Code