§16-14-5 - Statement for acquisition of control and preacquisition notification.

§16-14-5 Statement for acquisition of control and preacquisition notification.

         (a) A person required to file a statement pursuant to section 431:11-104, HRS, shall furnish the required information utilizing Form A and the required information on Form E described in subsections (e), (f), and (g).

         (b) The person filing the statement required by section 431:11-104, HRS, shall promptly advise the commissioner of any changes in the information furnished on Form A arising after the date upon which the information was furnished but before the commissioner's disposition of the application for approval.

         (c) If the person being acquired is a "domestic insurer" as defined by section 431:11-104(a)(4), HRS, the name of the domestic insurer on the cover page should be indicated as follows: "ABC Insurance Company, a subsidiary of XYZ Holding Company."

         (d) Where a domestic insurer is being acquired, references to "the insurer" contained in Form A shall refer to both the domestic insurer and its subsidiaries.

         (e) If a domestic insurer, including any person controlling a domestic insurer, is proposing a merger or acquisition pursuant to section 431:11-104(a)(1), HRS, that person shall file a preacquisition notification form, Form E.

         (f) If a non-domiciliary insurer licensed to do business in this State is proposing a merger or acquisition pursuant to section 431:11-104.2, HRS, that person shall file a preacquisition notification form, Form E. No preacquisition notification form need be filed if the acquisition is beyond the scope of section 431:11-104.2, HRS, as set forth in section 431:11-104.2(b), HRS.

         (g) In addition to the information required by Form E, the commissioner may require an expert opinion as to the competitive impact of the proposed acquisition.

        [Eff 3/14/94; am and comp 10/15/16] (Auth: HRS §§431:2-201, 431:11-109) (Imp: HRS §431:11-104)

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