Haw. Code R. § 16-17-11 - Additional deposit requirement
(a) Whenever the
commissioner deems the financial condition or change in business plan of a
captive warrants additional security, the commissioner may require the captive
to deposit with the commissioner, in trust for the captive, cash, securities
approved by the commissioner, or an irrevocable letter of credit issued by a
bank chartered by the State of Hawaii or a member bank of the Federal Reserve
System.
(b) The commissioner shall
return the captive insurance company's deposit or letter of credit if the
captive ceases doing any business, provided the commissioner is satisfied that
all obligations of the company have been discharged.
Notes
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