Haw. Code R. § 6-62-11 - Bond as proof of financial responsibility
(a) If proof of
financial ability to assume the liability described in sections 6-62-8 and
6-62-9 is evidenced by a bond of individual sureties, each surety must own real
estate in the State, the aggregate value of the equity in the real estate of
all sureties being equal to at least twice the amount of the bond. The real
estate shall be scheduled in the bond, approved by the insurance commissioner
of the State. The bond shall be conditioned for payment of the amounts
specified in this subchapter.
(b)
The bond shall be filed with the commission and shall not be cancelable except
after ten days' written notice to the commission.
(c) The bond shall constitute a lien in favor
of the State upon the real estate scheduled in the bond. The lien shall exist
in favor of any holder of a final judgment against the person who has filed
such bond, for the type of damages specified in this subchapter. The holder of
any final judgment must file a certificated copy of the final judgment with the
State bureau of conveyances.
(d) If
a judgment rendered against the principal of any surety bond is not satisfied
within sixty days after becoming final, the judgment creditor may, for the
judgment creditor's own use and benefit and at the judgment creditor's sole
expense, bring an action or actions in the name of the State against the
company or persons executing the bond. The judgment creditor may bring any
action or proceeding to foreclose any lien that may exist upon the real estate
of persons executing the bond. The action must conform as closely as possible
to the procedure for the foreclosure of mortgages.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.