§449-12 - Errors and omissions insurance; deposit.
§449-12 Errors and omissions insurance; deposit. 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 $100,000; provided that any policy which is subject to a deductible thereunder in excess of $10,000, 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 securities 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]