§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]