§449-12 Errors and omissions insurance or other security devices.

188 words·~1 min read·/hi/chapter-449/449-12

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§449-12 Errors and omissions insurance or other security devices. [See Note below.] A licensed escrow depository shall at all times either:

(1)Maintain a policy of errors and omissions insurance executed by an insurer authorized to do business in the State in an amount not less than $250,000; provided that any policy which is subject to a deductible thereunder in excess of $100,000, per occurrence, shall require the prior approval of the commissioner, who may take into consideration, among other factors, the amount of the proposed coverage; or

(2)Deposit an equivalent amount of cash or other security device under such terms and conditions as are acceptable to the commissioner. [L 1967, c 144, pt of §1; HRS §449-12; am L 1970, c 72, §3; am L 1985, c 269, §50; am L 1992, c 205, §12; am L 1996, c 41, §2; am L 2013, c 166, §8]

Note

The 2013 amendment, with respect to licensees in operation on June 21, 2013, shall take effect on the date of the renewal of the security device, but not later than July 1, 2014. L 2013, c 166, §11.