HAR §16-1-1. Application of rules

This chapter is applicable to all domestic stock insurers having one hundred or more stockholders; provided that this chapter shall not apply to any insurer if ninety-five per cent or more of its stock is owned or controlled by a parent or an affiliated insurer and the remaining shares are held by less than five hundred stockholders. A domestic stock insurer which files with the Securities and Exchange Commission forms of proxies, consents, and authorizations complying with the requirements of the Securities Exchange Act of 1934 (15 U.S.C. 78a) and the Securities and Exchange Acts Amendments of 1964 (P.L.88-467) and Regulations X-14 of the Securities and Exchange Commission 1-1 adopted thereunder shall be exempt from the provision of this chapter. [Eff 6/22/81] (Auth: HRS §431:2-201) (Imp: HRS §431:4-103)