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

 

Note

 

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

 

Case Notes

 

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