HRS 0412-0005-0205_0006 ANNOTATIONS
Note
L 1996, c 225, §7 provides the following conditions and restrictions on direct sales or underwriting of insurance by banks:
"(a) This Act shall take effect upon its approval; provided that the power of a bank to:
(1) Directly sell insurance in this State other than through a subsidiary or affiliate of the bank or through an independent insurance agent or agency under contract; and
(2) Underwrite insurance in this State;
pursuant to the authority conferred in sections [412:5-205.5] and [412:5-205.6], Hawaii Revised Statutes, shall become effective on June 1, 2000.
(b) After May 31, 2000, in addition to sales through a subsidiary, affiliate, or independent insurance agent or agency, a bank may sell insurance directly through a division or department of the bank and on branch premises:
(1) At no more than twenty-five per cent of all of its State of Hawaii branches between June 1, 2000, and May 31, 2001;
(2) At no more than fifty per cent of all of its State of Hawaii branches between June 1, 2001, and May 31, 2002; and
(3) At no more than seventy-five per cent of all of its State of Hawaii branches between June 1, 2002, and May 31, 2003.
After May 31, 2003, there shall be no restrictions on the number of State of Hawaii branches from which banks may be permitted to directly sell insurance on branch premises through a division or department of the bank."