HAR §16-28-38. Errors and omissions insurance

(a) The escrow depository shall maintain and file a policy of errors and omissions insurance in an amount not less than $100,000, provided that cash equivalent to any deductible amount in excess of $10,000 is maintained pursuant to an agreement in a form prescribed by the commissioner. (b) In lieu of the policy of errors and omissions insurance, the escrow depository may file $100,000 in the form of a certificate of deposit, an unconditional and irrevocable letter of credit, or securities acceptable to the commissioner, together, in each instance, with an agreement in a form prescribed by the commissioner. [Eff 8/13/87; am and comp 1/27/01; comp 8/04/05] (Auth: HRS §449-2) (Imp: HRS §449-12)