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Current as of January 01, 2022 | Updated by FindLaw Staff
(a) An insurance producer shall not act as an agent of an insurer unless the producer becomes an appointed agent of that insurer.
(b) To appoint a producer as its agent, the insurer shall file, in a format approved by the commissioner, a notice of appointment within fifteen days from the date the agency or business entity contract is executed or the first insurance application is submitted to the insurer. If the appointment form is not received by the commissioner within the fifteen-day period, the appointment shall become effective on the date on which the commissioner receives the appointment form. A producer shall disclose to a client if the conditions of subsection (a) have not been met. An insurer may also elect to appoint a producer to all or some insurers within the insurer's holding company system or group by filing with the commissioner a single appointment notice.
(c) Upon receipt of the notice of appointment and within a reasonable time not to exceed thirty days, the commissioner shall verify that the producer is eligible for appointment. If the producer is determined to be ineligible for appointment, the commissioner shall notify the appointing insurer within five days of its determination.
(d) An appointing insurer shall pay an appointment fee, in the amount and method of payment set forth in article 7, for each producer appointed by the appointing insurer.
(e) An appointing insurer shall remit, in a manner prescribed by the commissioner, a renewal appointment fee in the amount set forth in article 7.
Cite this article: FindLaw.com - Hawaii Revised Statutes Division 2. Business § 431:9A-114 - last updated January 01, 2022 | https://codes.findlaw.com/hi/division-2-business/hi-rev-st-sect-431-9a-114/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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