{"data":{"id":"us-hi/haw.-rev.-stat.-431-3-208","jurisdiction":"us-hi","citation":"Haw. Rev. Stat. § 431:3-208","heading":"Funds required of existing and new insurers for transacting additional classes of insurance.","body":"(a) An insurer otherwise qualified may be authorized to transact combinations of classes of insurance while having on deposit in a federally insured financial institution within the State, additional paid-up capital stock in the case of a stock insurer, or additional unimpaired surplus in the case of a mutual or reciprocal insurer, subject to subsection (c) as to domestic mutual or reciprocal insurers, and subject to section 431:3-203(a)(2). An insurer wanting to transact additional classes of insurance must:\n\n(1) Maintain at all times, in a federally insured financial institution within the State, capital if a stock insurer, or surplus, if a mutual or reciprocal insurer, equal to the sum required of each individual class of insurance it desires to transact, as listed in Schedule \"A\" of section 431:3-205;\n\n(2) Maintain a sum total not to exceed $2,500,000; and\n\n(3) Obtain first the approval by the commissioner for any withdrawals from this deposit.\n\n(b) An insurer while possessing in a federally insured financial institution within the State, $2,500,000 of capital in the case of a stock insurer, or of unimpaired surplus in the case of a reciprocal or mutual insurer, may be authorized to transact all classes of insurance, subject to sections 431:3-204 to 431:3-206.\n\n(c) To qualify for authority to transact a combination of classes of insurance, a domestic mutual or reciprocal insurer shall deposit in a federally insured financial institution within the State, surplus in an amount equal to the paid-up capital stock required of stock insurers for authority to transact a like combination of classes of insurance.","path":["Hawaii Code","Division 2","Title 24","Chapter 431"],"source_url":"http://www.capitol.hawaii.gov/hrscurrent/Vol09_Ch0431-0435H/HRS0431/HRS_0431-0003-0208.htm","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:11Z","sha256":"2c1346fd32b1024c59d8eb49070444d447e5c9e6465eb355d00eb078ff24ece5","source_id":"us-hi","stale":false,"prev":"us-hi/haw.-rev.-stat.-431-3-207","next":"us-hi/haw.-rev.-stat.-431-3-209"},"notice":"GroundRules: Original legal text. Not legal advice."}