Life Settlements Act
Hawaii · Life Settlements · §§ 431C-1 to 431C-6 · 31 sections
Overview
This act governs the form and content of life insurance policies and annuity contracts, prescribing the provisions insurers must include and the terms they may not impose. It sets standard provisions covering grace periods, incontestability, the entire-contract rule, misstatement of age, dividends, policy loans, reinstatement, and the payment of premiums and claims, with parallel requirements for annuities, pure endowment contracts, and reversionary annuities, and with specific rules for industrial life insurance including beneficiary designation and prohibited provisions. It further establishes minimum nonforfeiture values for life policies and individual deferred annuities, a short post-issuance period in which a purchaser may examine and return a contract, limits on how indebtedness and settlements affect proceeds, and requirements for separate accounts and the issuance, disclosure, and regulation of variable contracts. One flag, separate from the copy above: the section titles are entirely life insurance policy-provision and nonforfeiture law — they contain nothing about life settlements (viatical/life settlement transactions, providers, brokers, or licensing). Either this act is mislabeled in the data or the wrong section set is attached to it; worth checking before this renders on all five state pages.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
In the courts
Sections of this act have been cited in 1 court decision.
Most-cited authority: 238 N.J. 157 - Sun Life Assurance Company of Canada v. Wells Fargo Bank NA (080669) (Statewide)
Sections covered
- Haw. Rev. Stat. § 431C-1Short title
- Haw. Rev. Stat. § 431C-11Examination
- Haw. Rev. Stat. § 431C-12Conduct of examinations
- Haw. Rev. Stat. § 431C-13Examination reports
- Haw. Rev. Stat. § 431C-14Confidentiality of examination information
- Haw. Rev. Stat. § 431C-15Examiner; conflict of interest
- Haw. Rev. Stat. § 431C-16Immunity from liability
- Haw. Rev. Stat. § 431C-17Investigative authority of the commissioner
- Haw. Rev. Stat. § 431C-2Definitions
- Haw. Rev. Stat. § 431C-21Advertising
- Haw. Rev. Stat. § 431C-3Licensing requirements
- Haw. Rev. Stat. § 431C-31Disclosures to owners
- Haw. Rev. Stat. § 431C-32Disclosure to insurer
- Haw. Rev. Stat. § 431C-33General rules
- Haw. Rev. Stat. § 431C-34Buyer's guide
- Haw. Rev. Stat. § 431C-4License suspension, revocation, or refusal to renew
- Haw. Rev. Stat. § 431C-41Prohibited practices
- Haw. Rev. Stat. § 431C-42Fraudulent life settlement acts prohibited1 cite
- Haw. Rev. Stat. § 431C-43Fraud warning required
- Haw. Rev. Stat. § 431C-44Mandatory reporting of fraudulent life settlement acts
- Haw. Rev. Stat. § 431C-45Immunity from liability
- Haw. Rev. Stat. § 431C-46Confidentiality
- Haw. Rev. Stat. § 431C-47Other law enforcement or regulatory authority
- Haw. Rev. Stat. § 431C-48Life settlement anti-fraud initiatives
- Haw. Rev. Stat. § 431C-49Injunctions; civil remedies; cease and desist
- Haw. Rev. Stat. § 431C-5Contract requirements
- Haw. Rev. Stat. § 431C-50Penalties
- Haw. Rev. Stat. § 431C-51Unfair trade practices
- Haw. Rev. Stat. § 431C-52Conflict of laws
- Haw. Rev. Stat. § 431C-53Authority to adopt rules
- Haw. Rev. Stat. § 431C-6Reporting requirements and privacy
Enacted in other states
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