§431:7-207  Tax credit to facilitateregulatory oversight.  (a)  Each authorized insurer that meets therequirements of subsection (b) may claim a tax credit under this sectionagainst the tax imposed by section 431:7-202(a) or (b) for the taxable year forwhich the credit is properly claimed.  The tax credit shall be an amount equalto one per cent of the premiums taxed by section 431:7-202(a) and (b).

(b)  An insurer may claim the credit only if,at all times during the taxable year, the insurer:

(1)  Maintains in Hawaii books and records required bythe commissioner sufficient to conduct the examination authorized by section431:2-302;

(2)  Employs in Hawaii personnel knowledgeable aboutthe insurer's financial operations and who are authorized to represent theinsurer in all matters pertaining to examination; and

(3)  Maintains in Hawaii a customer service centerwith employees authorized to promptly adjust, settle, and pay claims and topromptly answer all questions from customers regarding their insurancepolicies.

(c)  The commissioner shall prepare the formsnecessary to claim a credit under this section, may require proof of the claimfor the tax credit, and may adopt rules pursuant to chapter 91.

(d)  All claims for the tax credit under thissection, including any amended claims, must be filed on or before the end ofthe twelfth month following the close of the taxable year for which the creditmay be claimed.  Failure to comply with the foregoing provision shallconstitute a waiver of the right to claim the credit.

(e)  The tax credit allowed by subsection (a)may be claimed on the interim returns required by section [431:7-202(f)]. [L1992, c 236, §5; am L 1994, c 160, §2]