2011 Hawaii Code
DIVISION 2. BUSINESS
TITLE 24. INSURANCE
431. Insurance Code
§431 19-102.3 Redomestication; approval as a domestic captive insurer.

§431:19-102.3 Redomestication; approval as a domestic captive insurer. (a) Any foreign or alien captive insurance company may become a domestic captive insurance company by meeting the following requirements:

(1) Compliance with all of the requirements relating to the organization and licensing of a domestic captive insurance company of the same type, and any requirements that the commissioner may adopt by rule;

(2) The articles of incorporation or other organizational document shall be amended in compliance with the laws of this State and restated in its entirety before submission to the commissioner. Before the amended and restated articles of incorporation or other organizational document is transmitted to the department of commerce and consumer affairs, the foreign or alien captive insurance company shall petition the commissioner to issue a certificate setting forth the commissioner's finding that the redomestication and maintenance of the company will promote the general good of the State. In arriving at the finding, the commissioner shall consider the factors set forth in section 431:19-106(b);

(3) The following shall be transmitted to the department of commerce and consumer affairs for filing:

(A) Articles of redomestication;

(B) Certificate of general good issued by the commissioner;

(C) Certificate of good standing or comparable documentation duly authenticated by the proper officer of the state or country under the laws of which the foreign or alien captive insurance company is incorporated; provided that:

(i) The certificate or documentation shall be dated not earlier than thirty days prior to the filing of the articles of redomestication; and

(ii) If the certificate of good standing or documentation is in a foreign language, a translation under oath of the translator shall accompany the certificate or documentation;

(D) Amendments to the articles of incorporation or other organizational document in compliance with the laws of this State;

(E) Restatement of the articles of incorporation or other organizational document in its entirety; and

(F) Organization fee; and

(4) The articles of redomestication shall set forth the following:

(A) Name of the company;

(B) Date and location of incorporation or organization;

(C) Street address of the principal office in this State;

(D) Names and titles of the:

(i) Officers and directors of the company; or

(ii) Members of the governing body;

(E) A statement that the company is moving its domicile from its present state or country to this State;

(F) A statement that redomestication will occur upon filing the articles of redomestication and that the company shall be subject to the laws of this State; and

(G) A statement that copies of the articles of incorporation or other organizational document and any amendments certified by the proper officer of the state or country under the laws of which the company is incorporated or organized are attached; provided that if any of these documents are in a foreign language, a translation under oath of the translator shall accompany these documents.

(b) The domestic captive insurance company shall be entitled to the necessary or appropriate certificates and licenses to do business in this State and shall be subject to the authority and jurisdiction of this State. No captive insurance company redomesticating into this State need merge, consolidate, transfer assets, or otherwise engage in any other reorganization, other than as specified in this section.

(c) Upon redomestication in accordance with this section, the foreign or alien captive insurance company shall become a domestic captive insurance company organized under the laws of this State and shall have all the rights, privileges, immunities, and powers and be subject to all applicable laws, duties, and liabilities of a domestic captive insurance company of the same type. The domestic captive insurance company shall possess all rights that it had prior to the redomestication to the extent permitted by the laws of this State and shall be responsible and liable for all the liabilities and obligations that it was subject to prior to the redomestication. All outstanding policies of the captive insurance company shall remain in full force and effect. [L 1993, c 205, pt of §1; am L 1994, c 128, §7; am L 2007, c 232, §4]