2011 Hawaii Code
DIVISION 2. BUSINESS
TITLE 24. INSURANCE
431. Insurance Code
§431 19-102.4 Redomestication; conversion to foreign insurer.

§431:19-102.4 Redomestication; conversion to foreign insurer. (a) Any domestic captive insurance company, upon approval by the commissioner, may transfer its domicile to any other jurisdiction in accordance with the laws of that jurisdiction.

(b) Before transferring its domicile to any other jurisdiction and before the notice of change in domicile is transmitted to the department of commerce and consumer affairs, the domestic captive insurance company shall deliver to the commissioner a notice of intent to transfer, along with payment of a transfer fee of $300, and petition the commissioner to issue a certificate of transfer.

(c) The notice of change in domicile, the certificate of transfer issued by the commissioner, the proof of redomestication, and the filing fee shall be transmitted to the department of commerce and consumer affairs. The notice of change in domicile shall set forth the following:

(1) Name of the company;

(2) Dates that notice of the company's intent to transfer domicile from this State was published pursuant to the publication requirements of section 1-28.5;

(3) Date of the transfer of its domicile; and

(4) State or country to which its domicile will be transferred.

(d) Upon any transfer authorized pursuant to this section, the captive insurance company shall cease to be domiciled in this State, and its corporate or other legal existence in this State shall cease upon the issuance of a certificate of discontinuance by the department of commerce and consumer affairs; provided that at the time of issuance of the certificate of discontinuance, the captive insurance company shall pay a certificate fee in accordance with chapter 414. [L 1993, c 205, pt of §1; am L 1994, c 128, §8; am L 2002, c 40, §72; am L 2007, c 232, §5]