2015 Hawaii Revised Statutes
TITLE 24. INSURANCE
431K. Risk Retention
431K-4 Compulsory associations.

HI Rev Stat § 431K-4 (2015) What's This?

§431K-4 Compulsory associations. (a) No risk retention group shall be permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this State, nor shall any risk retention group or its insureds receive any benefit from any such fund for claims arising out of the operations of such risk retention group.

(b) When a purchasing group obtains insurance covering its members' risks from an insurer not authorized in this State or a risk retention group, no such risks wherever resident or located shall be covered by any insurance insolvency guaranty fund or similar mechanism in this State.

(c) When a purchasing group obtains insurance covering its members' risks from an insurer authorized in Hawaii, claims shall be covered by the property and liability insurance guaranty association, subject to the provisions of chapter 431, article 16.

(d) A risk retention group shall participate in this State's joint underwriting associations and mandatory liability pools as provided by any law of this State. [L 1987, c 180, pt of §1; am L 1989, c 272, §5]

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