2014 Hawaii Revised Statutes
TITLE 24. INSURANCE
431. Insurance Code
431:4-119 Refund upon failure to complete or qualify or upon revocation of solicitation permit.
§431:4-119 Refund upon failure to complete or qualify or upon revocation of solicitation permit. (a) The commissioner shall withdraw all funds held in escrow and refund to subscribers or applicants all sums paid in on stock subscriptions, less that part of such sums paid in on subscriptions as has been allowed and used for promotion and organization expenses, and all sums paid in on insurance applications, and shall dissolve the proposed insurer or corporation if:
(1) The proposed insurer or corporation fails to complete its organization and obtain full payment for subscriptions and applications; and
(2) It fails to secure its certificate of authority before expiration of the solicitation permit, if an insurer; or
(b) The commissioner revokes the solicitation permit. [L 1987, c 347, pt of §2]
Disclaimer: These codes may not be the most recent version. Hawaii may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
