Hawaii Revised Statutes Division 2. Business § 431:6-101

(a) For purposes of this article:

“Cash” includes cash equivalents.

“Cash equivalents” means highly-rated and highly-liquid investments or securities with a remaining term of ninety days or less and rated in the highest short-term category by a nationally recognized statistical rating organization recognized by the SVO. Cash equivalents include government money market mutual funds defined by the Purposes and Procedures Manual of the SVO, or its successor publication.

“Fixed charges” means interest on funded and unfunded debt, amortization of debt discount, and rentals for leased properties.

“Institution” means corporations, joint-stock associations, and business trusts.

“Net earnings available for fixed charges” means net income after deducting operating and maintenance expenses, taxes other than federal and state income taxes, depreciation, and depletion, but excluding extraordinary nonrecurring items of income or expense appearing in the regular financial statements of such institution.

“Obligation” means bonds, debentures, notes, or other evidence of indebtedness.

“Surplus as regards to policyholders” means the excess of the insurer's admitted assets over its liabilities.

“SVO” means the Securities Valuation Office of the National Association of Insurance Commissioners.

“Value” means fair value. Market value is the best evidence of fair value.

(b) If net earnings are determined in reliance upon consolidated earnings statements of parent and subsidiary institutions:

Except that if the minority common stock interest in the subsidiary corporation is substantial, the fixed charges and preferred dividends may be apportioned in accordance with regulations prescribed by the commissioner.