Haw. Code R. § 16-7-15 - Member termination
(a) In the event a
member company discontinues as a member of the plan, it shall continue to pay
assessments until its proportionate share has been determined and paid;
provided that if the casualty business of a company has been purchased by,
transferred to, or reinsured by another company, the latter shall receive the
assessments of the former until the proportionate share of the former has been
determined and paid, unless another company has agreed, in manner satisfactory
to the insurance commissioner, to assume such obligation.
(b) In the event that a company is merged
with another company or there is a consolidation of companies, the continuing
company shall receive the assessments of the company merged or consolidated
until the proportionate share of such merged or consolidated company prior to
such merger or consolidation has been determined and paid; provided the
continuing company may be relieved from such obligations if another company has
agreed, in a manner satisfactory to the insurance commissioner, to assume such
obligations.
(c) For purposes of
this section only, insurers under common management or ownership shall not
constitute a single member. Extent of participation will still be governed by
section 16-7-3.
Notes
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