[§237-29.7]  Exemption of insurance
companies.  This chapter shall not apply to the gross income or gross
proceeds of insurance companies authorized to do business under chapter 431;
except this exemption shall not apply to any gross income or gross proceeds
received after December 31, 1991, as rents from investments in real property in
this State; provided that gross income or gross proceeds from investments in
real property received by insurance companies after December 31, 1991, under
written contracts entered into before January 1, 1992, that do not provide for
the passing on of taxes or tax increases shall not be taxed until the contracts
are renegotiated, renewed, or extended. [L 1991, c 286, §1]



 



Note



 



  "January 1, 1992" substituted for "the effective
date of this Act".



 



Case Notes



 



  Management company for foreign insurers authorized to do
business in Hawaii was not an "insurance company" exempt from general
excise taxes under this section, where, inter alia, company's arrangements with
insurers indicated that it was a separate taxable legal entity.  115 H. 180,
166 P.3d 353.